To the editor: Since the voters of Los Angeles approved the measure of the ULA (a transfer tax on the sale of properties of more than $ 5 million) in 2022, the real estate industry tried without success to repeal or weaken the law (“The “mansion tax” needs remodeling. Here's how to fix it“April 5). Three of the academic allies of the industry co-wrote a column claiming that “most multifamilial developments involve the purchase of an appropriate site, then the sale of the finished building”.
They greet ULA measurement for a drop in new multifamilial housing, but an examination of data on the 2015-22 county assessors reveals that only a few newly built units were sold within three years. The criticism solution – eliminate the measure of the ULA for multifamilial sales – would not add significant housing, but would reduce vital income to build new affordable housing and protect tenants against expulsion.
At first, the ULA measurement generated less income than expected because the owners of high -end properties were waiting to see if several attempts to overthrow this would succeed. But ULA revenues are upwards, reaching around $ 600 million, the largest source of funding for affordable housing in the city. The academic accomplices of the industry should stop using misleading allegations to weaken a successful and popular policy.
Peter Dreier, Los Angeles
The writer is a professor of urban and environmental policy at the Western College of Eagle Rock.
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To the editor: Another problem with the mansion tax is that the $ 5 million threshold is not indexed to real estate inflation. Thus, over time, more and more houses and commercial goods will end up being covered by this tax. A better approach would be to tax a transaction according to the size of the house, let's say 3,000 square feet, while exempting commercial properties such as apartments and manufacturing buildings. The promulgation of this reform will help limit the propagation of extra -light houses, preserve neighborhoods and remove excessive loads on multifamilial development – while continuing to collect funds for affordable housing.
Stewart Chesler, Granada Hills
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To the editor: Only two years, measuring ULA financed 795 affordable housing units, creating around 10,000 union jobs, According to a report by the Western College. He provided very necessary rental assistance to 11,000 people at risk of homelessness and general support for tenants at more than 100,000. It is one of the largest sources of affordable accommodation for housing that Los Angeles has ever seen when housing and affordable homelessness are our biggest concerns. He has survived judicial disputes and referendum attempts. Why do real estate agents, promoters and their supporters continue to try to reduce or kill it?
The most surprising thing about the latest attempt to reduce ULA income measurement is that this happens as federal affordable federal housing funds by President Trump and Elon Musk. Passing Ula measurement, Los Angeles has prepared as much as possible for this attack. Let us continue to build housing and protect the tenants with the resources we have.
Joe Donlin, Los Angeles
The writer is director of the United to House Coalition.
