Los Angeles' 'mansion tax' has frozen luxury home sales: Just TWO homes above $5 million were sold in April after new law passed - down from 126 in March - and the sales netted the city $528,000 in tax to spend on the homeless

Daily Mail ^ | 5/6/23 | Kamal Sultan

[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.

[SuperLuminal]

"Increased taxes, especially punitive taxes, usually result in less taxes actually being collected although voters were promised otherwise."

Increased taxes, especially punitive taxes, always result in less taxes actually being collected although voters were promised otherwise.
IMHO...😕

[The people have spoken]

I’ve alway thought that real estate commissions of 6% were greedy, at least for luxury homes. This will hurt the realtors more than the homeowners. No sales = no commissions.

[V_TWIN]

Given its California I wouldn’t doubt it one bit.

[Steely Tom]

They overestimated the supply of stupid millenial TikTok-millionaires-for-six-monthsers.

[A Formerly Proud Canadian]

What is it about so many lefties, that they NEVER understand the ‘ripple’ effect of their actions. They pull something ridiculous, and expect changes totally in isolation. They don’t realize that their actions result in a myriad interactions.

We are currently in a Provincial election on May 29 in Alberta. Some of the Bravo Sierra spread by the socialist/communist NDP (New Democratic Party) is just unreal! The fear is, through their deceitful averting, they MAY win! God help us!

Socialists are mentally ill, or perhaps just loathe their constituents. A pox on them all!

[nwrep]

Good for LAX. Stick it to the rich.

[usurper]

Increased taxes, especially punitive taxes, usually result in less taxes actually being collected although voters were promised otherwise.

Its all part of the plan, now the state will say we are not generating enough funds so we need to drop the price point for the tax to 1 million or even 800K.

[Hambone 1934]

The word “”consequences””is not in their vocabulary.....

[mewzilla]

Two words: Laffer Curve.

[ProtectOurFreedom]

Don’t forget, these horrendous 4% ($5M-$10M) and 5.5% (>$10M) taxes are ON TOP of the Obamacare 3.8% tax that was never repealed (income >$250k married couples / $200k individual). So people are paying the GD government a total of 7.8% to 9.3%.

In CA, that’s on top of the highest-in-the-nation income taxes and highest-in-the-nation sales taxes.

[digger48]

Exactly

My nieces house in El Segundo is a million dollars

And it ain’t all that much of a house

[Billthedrill]

These sales netted the city $528,000 to spend on affordable housing and homelessness prevention programs.

Wow! Sounds like a great solution to the homeless problem. That kind of money would pay for... one-third of a single public toilet in San Francisco. The good news is that it's a really nice toilet...

[Bonemaker]

Mansion tax...the price the rich have to pay to escape. Watch..the government will ratchet down the threshold so eventually everyone wil get the purple shaft.

[SunkenCiv]

Entertainment industry nitwits hardest hit!

• Sherrod Brown: 'It's a Pretty Common Practice' to Improperly Claim Multiple Tax Credits [05/05/2023]
• Denver City Council member Candi CdeBaca, who is running for re-election, says white owned businesses should be taxed extra and redistributed to black owned businesses. [05/06/2023]
• Denver Democratic Socialist councilwoman calls for white businesses to be taxed harder to pay reparations to black businesses: 'Capitalism was built on stolen land' [05/05/2023]
• Comrade Bernie Goes Full Commie, Wants Government to Steal ALL the Money You Make Over This Amount [05/03/2023]
• 'We're Not Increasing the Cost of Business,' Bernie Sanders Argues for $17 Federal Minimum Wage [05/05/2023]
• The Next Right-Wing Media Freak-out: Slavery Reparations in California [05/05/2023]

[Steely Tom]

What is it about so many lefties, that they NEVER understand the ‘ripple’ effect of their actions.

They can't even see the "‘ripple’ effect of their actions."

And they can't admit they're wrong. They'll redefine the ordinary words of the English language so they don't have to admit they're wrong.

[I want the USA back]

This is just one step towards the end goal of eliminating private property - seizing everything that everyone owns (except for the ruling elite) and giving it to people who didn’t earn it. In other words, communism.

[Steely Tom]

"It depends on what the meaning if 'is' is."

— President Bill Clinton

[Bonemaker]

Please, please keep Canada halfway sane...it’s looking more and more like our last refuge from democrats.

[FreedomPoster]

It is darn near a rounding error for a city the size of Los Angeles.

[vpintheak]

So “the rich” don’t want to just piss away their money for the government to waste? Where are all the celebritards? Shouldn’t they be buying and selling their multiple homes to help out?