Posted on 11/12/2023 4:17:07 AM PST by where's_the_Outrage?
Less than 10 minutes into the new season of the hit Netflix reality show "Selling Sunset," two luxury real estate brokers are already complaining about a new tax on Los Angeles' wealthiest homebuyers.
"This is going to be a nightmare for us," says veteran real estate agent Mary Fitzgerald. "We're just screwed."
The city's so-called "mansion tax" was about to go into effect when the show was filming its latest season — and the high-end real estate industry was in a tizzy. The owner of one $26 million, 13,000-square-foot home the agents were trying to sell would have to pay an extra $1.43 million in taxes under the new law. The policy, which went into effect on April 1, 2023, levies an extra 4% tax on homes sold for more than $5 million and a 5.5% tax on those over $10 million........
Colloquially known as a mansion tax, United to House LA (Measure ULA) passed in November 2022 with 58% support.
LA's law has a slew of well-heeled and vocal critics. Real estate interest groups and others have filed two suits over the policy, but both have been dismissed. The court rulings will likely be appealed, and critics of the law are planning other ways to undermine it. But for now, the tax is in effect and is expected to raise about $150 million this year......
In LA, Mayor Karen Bass and the city council have already determined what this year's tax revenue will be spent on. The biggest chunk — $56.8 million — will go to affordable housing projects. Another $30.4 million will fund short-term assistance for tenants and small landlords. And $23 million will go to providing those facing eviction with representation, the LA Times reported.
(Excerpt) Read more at businessinsider.com ...
The elite are getting what they advocate in LA.
Welcome to the democrat socialist utopia most of you voted for and support.
Welcome to the democrat socialist utopia most of you voted for and support.
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Exactly. Now cough up the money.
PLEASE take ALL your friends! However, I must agree Florida has become too expensive even for those of us that has been here a long time—actually born in FL. My homeowners Insurance is absolutely insane!
Detroit was once was known as the "Arsenal of Democray" at the end of WWII and one of the largest cities in America and that was decades after the prosperous auto revolution. This what happens when people abandon cities when democrats run everything in their grand scheme of redistribution of wealth. I saw it all happen starting with the famous riots in 1967.
“Welcome to the democrat socialist utopia most of you voted for and support.”
But they intended it for the other wealthy people. You know, all the right-wing Neo-Nazi millionaires in LA
“I see you have some money there
Give it to me.”
House is for sale for $10,000,000, tax kicks in at 5 million
Buyer offers 4 million and will make a 6 million dollar donation to the newly established ‘Mr. Sellers’ Foundation
that would be just as legit as what the Clinton’s have done over the years.
Well Jason just bought the office next door to his LA office and is expanding his LA office...he is spending millions on it. He has a new office in Cabo...no mansion tax.
It’s just theft. You track investments, once the risk is out of the investment and it’s clear it was successful you change the law to take the money. People only seem to care when it’s their money.
Detroit was sometimes referred to as the Paris of North America-
unfortunately for both cities it’s still true
The UK has an expensive ‘stamp tax’ on property transactions and Section 106 ‘agreements’ for ‘affordable housing’.
check #1: City of Los Angeles $1.43 million
check #2: Republican National Committee $1.43 million
What, that? Some plaster, a coat of paint and she’ll be as good as new.
And they can’t vote them out because the election cheat is fully established in California.
Governments do not have any money of their own, they must rely on their citizens to fund the government.
But, there is a limit to the amount of taxes a government can take before it becomes a problem. The first problem the higher the tax the less revenue is generated for the state since people will either do with out our find another source (by passing government taxes i.e. the “black market”)
The second problem is when taxes become too burdensome history has shown people revolt against their government, especially when the taxes are going for things people don’t support.
At one time civil servants exchanged lower pay for secure employment, today civil servants earn more then the average taxpayer, have better benefits, better healthcare and better retirement while retaining job security.
At one time charity was provided by the community today with welfare the government has taken over charities. Private charities were able to separate the greedy from the needy, the government is unable to do so.
Governments at all levels in America today have forgotten why government exist, to do things individual can not do (such as maintain police and fire, the courts, road building and maintenance, water and sewer and so on.)
I would say most government bodys in America today fail and all these things, yet they need increase flow of money to do pay for things that they should not be doing.
Government have become a ponzie scheme where politicians have made promises (with other people’s money) to get votes to stay in office.
This is unsustainable over the long run and it is not a question if the people rebel, only when.
Mansions will be built with party walls.
Condo units 1 through N will be sold over time. Mr. X will buy one for himself. Mrs X. will acquire another, and the X children will each get a unit.
The price goes up just because the property is in L.A., and the property goes into L.A. because of the location. It's like a downward death spiral, but going up instead of down.
And since it is a liberal town, it's not like the tax will be passed along to the buyer. The seller will just absorb the added cost and smile because they are making a contribution to society.
the yacht tax. oh yes, remember it fondly. lived near Pinellas county, fl. at the time, home of some of the biggest luxury yacht builders in the world. had many friends in the boat building industry that were suddenly layed off when that particular “luxury tax” was passed...only to be recinded a short time later. but alas, all the big yacht builders moved overseas and surprise, surprise NEVER CAME BACK! like kids, politicians do the darndest things.
The rich will buy apartment buildings.
Floor 1 - for older parents & guests
Floor 2 - for the little lady
Floor 3 - for the man
Floor 4 - for the kiddies
Floor 5 - for the live-in help
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