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.

[JimRed]

Miami and Palm Beach have room for more mansions if folks in LA wake up and want a place to live that’s sane.

But they'll bring their unfortunate voting habits with them and ruin FL like they've ruined CA.

[chopperk]

Wait until double that amount as a tax for reparations is put into effect.

[R_Kangel]

"Los Angeles' 'mansion tax' has frozen luxury home sales..."

..... People need to realize that Liberals do not have the mental ability to understand the concepts of "Cause and Effect" .... And .... "Consequences for Actions."

.

[maddog55]

Granted $528k would buy a lot of ammo but clearing out the homeless could be done for a 10th the cost.

[cgbg]

Yup—lease arrangements are the way to go.

They could be structured will all sorts of arrangements that make them as good as ownership.

[CurlyDave]

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...

It is only nice when it is delivered. It becomes a breeding ground of disease and pestilence immediately after its first use.

[RetiredTexasVet]

Gov. Gavin “The Jackal” Newsom and his merry band of congressional hyenas have found another way to suck the life out of California.

[SkyDancer]

There’s an up vote right there!

[LuxAerterna]

IMHO much of the drop in sales is permanent. It’s not a mere one time “reverse windfall” from people selling their homes before the tax takes effect.

Among other things, this tax will STRONGLY discourage moves inside the city itself for reasons of personal preference, such as change of employment or family situation.

[markman46]

sure it will los angeles, help the homeless NOT, the city government are just thieves

[Redcitizen]

I’m in the wrong line of work.

[zeestephen]

A significant number of movie people "invest" their money in expensive LA homes, which they flip every few years.

Even if they do not make a profit, they can usually break even on their living expenses for a few years in one of America's most expensive cities.

[zeestephen]

Canada is looking like our last refuge?

Sorry to disappoint you, Bonemaker.

Trudeau has turned Canada into a one Party state that makes any form of political criticism a criminal offense.

[Vaduz]

Feed the birds and call it an outdoor Cafe tax brake ?.

[GOPJ]

But they'll bring their unfortunate voting habits with them and ruin FL like they've ruined CA.

In that case they should stay in their democrat hellhole and wonder what could be causing their misery...

[Bonemaker]

I think the western provinces are still okay. Canadian gun laws suck but ours aren’t far behind and if democrats have their way they will be worse.

[from occupied ga]

Not only does the government eat first, it also eats very well.