Posted on 10/05/2026 8:27:26 AM PDT by Responsibility2nd
This is Measure ULA, sold to voters in 2022 as a way to stick it to the millionaires and billionaires.
But it ended up sticking it to the people as a whole instead!
Here's the NYP:
LA's 'mansion tax,"'sold to Angelenos as a way to tax the rich and boost housing, has instead blocked the building of 9,100 homes, wiped out 16,650 full-time construction jobs, and cost $452 million in revenue.
A damning new report says the tax, officially known as United to House LA, or ULA, has had a negative impact on the city's high-end and multifamily real estate markets and collected less than half what it was expected to generate to tackle the city's housing crisis.
The ULA was expected to raise about $900 million a year, or $2.7 billion over its first three years. Instead, it brought in about $1.2 billion.
The tax — which went into effect in April 2023 and was championed by socialist mayoral hopeful Councilwoman Nithya Raman — means if a property in LA sells for more than $5.4 million, the seller is taxed 4% of the price at closing. If it sells for more than $10.9 million, it increases to 5.5%.
In the words of the workers of Los Angeles,
The tax designed to fund affordable housing somehow prevented about 1,000 "affordable" units from ever being built. It's like setting your house on fire to keep warm!
Westside broker Danny Brown summed it up perfectly:
Another disaster initiated by the incompetent socialists who run our city. ULA has chopped the legs from under the residential and commercial real estate industry, which is one of the largest parts of our city's economic engine.
Essentially, as economist Michael Manville at UCLA notes, this law is like robbing Peter to pay Paul.
Councilwoman Nithya Raman, the socialist who championed the measure — bragging that it would have "widespread, immediate, and long-term impact" — has now decided that some reforms are in order for the law.
(Raman is the likely next mayor of Los Angeles, by the way.)
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D’oh
And, who has a good chance of becoming the next mayor of LA, after vote fraud knocked out Spence Pratt.
She was 20,000 votes behind Pratt on election night, somehow 60k votes were suddenly found over the next week putting her ahead of Pratt. She lost in her own district.
Elect the Third World and you get the Third World
The Commies often forget the first rule of sheeple farming—build the fence before herding sheeple.
When does this not happen? The Dems imposed a “yacht tax” and the yacht building industry dried up. They imposed a “private jet” tax and that industry tanked (although that probably had more to do with plaintiffs’ lawyers). They imposed a luxury car tax and that industry died for a while. And, of course, the definition of “luxury” changes over time. In Vermont, they imposed a “luxury” home tax that came to be imposed on homes costing over $100,000.
And, this will be no getting out of this.
We can’t vote our way out at this point.
Whatever you tax, you get less of.
Whatever you subsidize, you get more of...............
Is it too optimistic for me to hope that the “thousands of jobs lost” will result in scores of illegal aliens heading back across the border?
The Lesson of Economic Damage From “Taxing the Rich” With the Punitive Luxury Tax in the 1990s
(deja Vu ...all over again)
The New York Post version was easier to read.
Send ‘em to DC. Finish that ballroom in a week.
Your post reminds me of what has happened to Cuban cigars.
Post Covid most quadrupled in price and now they are pushed as “luxury” cigars.
I bought them pre Covid—before they were “luxury” with “luxury” price gouging.
Lol.
The good news is that it put a lot of illegals out of work.
LA County is a lost cause anyway. They stole the election from Spencer Pratt so that Bass would have an easy road to victory against Raman, that is why they registered 50K homeless people and filled out their ballots so that Raman “won” weeks later..We all know what went down, so now its between an evil bitch and a stupid bitch
Just wondering out loud, how does a homeless person vote in a local election when they have no home there.
Simple, you have people going to homeless encampments and registering them to vote, fake address, you can have 100 people at the same address, and then these people fill out their ballots and turn them in. Its how Raman “won” by almost the exact amount of homeless that are in LA County
Mexicans hurt the most.
The left does not think, the left does not learn, the left does not care, the left does not accept responsibly for any thing they do ....................
Because the legislature has made it legal for them to use homeless nonprofits as their address. As Pratt and others have stated, the fraud is codified and baked in.
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