Housing
As ‘Mansion Taxes’ Catch On in US Cities, Los Angeles Offers Lessons
Amid backlash and a tough housing market, a new tax intended to fund affordable housing is bringing in far less money than projected.
The Bel Air neighborhood of Los Angeles, where some of the homes for sale will be on the hook for the city’s new “mansion tax.”
Photographer: pastorscott/iStockphoto via Getty Images.
The new villain on the seventh season of the hit reality real estate show Selling Sunset wasn’t a sassy new luxury broker not there to make friends. It was a real estate tax.
“Makes me nauseous even thinking about it,” real estate agent Mary Bonnet said of the so-called mansion tax in the season’s first episode, as she surveyed the living room of a $26 million eight-bedroom home in Brentwood.