Los Angeles Delays ‘Mansion Tax’ Spending Amid Legal Fight
- Tax on high-end real estate deals to back affordable housing
- LA County faces shortage of estimated 500,000 affordable units
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Los Angeles plans to hold off spending most of the money collected from a voter-approved “mansion tax” until legal challenges against the initiative are resolved.
Mayor Karen Bass revealed in her 2023-24 budget plans that the city intends to allocate just $150 million of the funds raised by Proposition ULA, a ballot initiative that took effect this month to fund the construction of more affordable housing.