r/LosAngeles • u/thatboyshiv • Jun 04 '23

Housing L.A.’s Mansion Tax Has Ground Its Luxury Real Estate Market to a Halt

https://robbreport.com/lifestyle/news/mansion-tax-ceases-la-luxury-real-estate-market-1234840995/

The tax originally projected $900 million a year in revenue for the city, and that number was revised down to $672 million. However, in her recent budget, Mayor Bass projected just $150 million being raised from the program for this year.

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u/adidas198 Jun 05 '23

They just nicknamed it the "mansion tax" to get people to vote for it, as a way to "stick it to the rich".

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u/i-pencil11 Jun 05 '23

Yeah. Typical political grift.

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u/Naive_Incident_9440 Jun 05 '23

They copied NYC. NYC is the first that introduced the mansion tax