Post

Conversation

Chris Elmendorf
@CSElmendorf
Thought Prop. 13 was as bad as it gets? Nope. L.A. made it a whole lot worse by adding on a "progressive" real-estate transfer tax.
@UCLALewisCenter
study shows that transfer tax caused sales & new housing to crater -- and will drain city's future prop tax revenue too.
Quote
mottsmith
@mottsmith
LA’s Measure ULA passed with good intentions: tax high-value property sales to help low-income renters. But the early evidence is sobering: transactions have collapsed, revenues have fallen far short, and housing projects are harder to build.
Image
12.3K
Views
David Watson 🥑
Post your reply

Robert O'Reilly 🤔
@whentoletgo
Great thread. Once again, politicians pander with simple legislation, ignoring predictable knock-on effects. Tax something more, get less of it. Tax anything & people change their behavior, mitigating promises of amounts to be raised. Dems know this, but short-term salves buy
146
Wong Güey 那个王
@wong_guey
What’s even worse is most of the proceeds have gone not to things that make housing more affordable, but to a legal fund that sues landlords to drag out evictions. The affordable housing funds are making things more expensive!
122
G in SV
@G_in_SV
Would love a comparison to San Jose’s transfer tax, though It starts at a lower threshold and higher percent tax It’d be interesting to see if this is something more LA centered compared to transfer tax, generally (which, Prop13 acts like a transfer tax auto increase)
58
Robert Brown
@RobertB04028123
UCLA has an $8 billion endowment. They could easily buy land & build housing for all their students, staff & employees and relieve the general housing problem in LA. No, they won't do this. Instead, their "think tank" advocates that everybody else should solve the problem.
54
Robert Brown
@RobertB04028123
Since Cali housing policy is failing and will fail, why not go back to Plan B, "Catalyze a new housing industry - Provide financing for affordable home builders", as Carney says.
Image
48
Robert Brown
@RobertB04028123
"LA City, Housing Advocates Celebrate 1 Year of `Mansion Tax’ April 4, 2024" The "experts" and the housing advocates and Establishment Democrats said it's been working great. The YIMBY crowd voted for these people. Democrat housing policy has been a total disaster.
Image
Image
57
Show additional replies, including those that may contain offensive content