Posted on 05/06/2023 10:10:10 AM PDT by CFW
The newly introduced Los Angeles 'mansion tax' has frozen luxury home sales with just two properties above $5 million sold in April which is down from 126 in March.
The policy, which came into effect April 1, sees the city take a four percent cut of all home sales between $5 million and $10 million.
And for mega mansions that break the $10 million threshold, homeowners lose 5.5 percent of their sale price if they decide to cash in on their estate.
There were just two homes sold for more than $5 million once the new policy was introduced in April, according to the Los Angeles Times.
These sales netted the city $528,000 to spend on affordable housing and homelessness prevention programs.
(Excerpt) Read more at dailymail.co.uk ...
I’ll bet the Hollywood creeps got a loophole
The way they spend money on the “homeless” this amounts to six people.
“These sales netted the city $528,000 to spend on affordable housing and homelessness prevention programs”
1. Half a rock really isn’t all that much money nowadays.
2. How much of that 528k you think will actually go to where it’s supposed to be going?.......I’d guess about 30%.....at best.
Make that “six people running the homeless industry.”
Tommy the Torch is savoring the future of his business.
That was SO predictable.
Yes, it’s all going to the bureaucracy.
When progressives talk about affordable housing look closely at where the money is going and how they are related to those in government.
The government eats first even when the people are starving.
Limousine liberals will always find a way out/
$528K? Should be enough to build one public toilet, less the salaries and pensions for the 14 staff the city hired to administer the program.
Embrace the suck you vile, Demonic Party-enabling libtard dumbasses... keep voting and funding your own demise.
Let's see, there is 10% for the not so big guy (Newsom), 5% for Fang Fang's replacement, 50% for various other Democratic pols, 5% for various racial justice organizations, so that's about right. But remember, there are administrative costs as well!
"TITLE: Column: Spending $800,000 for a single unit of homeless housing is a red flag for L.A.
"The average per-unit cost of projects under construction — originally estimated at $375,000 — went from $531,000 in 2020 to just shy of $600,000 last year."
“The way they spend money on the “homeless” this amounts to six people.”
That was my first thought, but, in reality, that will pay the salary of two Los Angeles “homeless coordinators” for a year. The bums won’t see a dime.
“I’d guess about 30%.....at best.”
The Homeless-Government-Industrial-Woke complex will take 100% of it and nothing will trickle out the bottom to the people who need it.
Don’t forget the consultant work.......can’t make a move without the consultant work. 😏
See my post 17
Post 18 not 17
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