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...
