Los Angeles is about a year and a half in his so-called “manor tax”, The costs of levy on sales of high-end properties to collect funds for affordable housing and homeless initiatives.
Measure ula Invoice for costs of 4% on all properties of properties greater than $ 5.1 million and costs of 5.5% on all sales over $ 10.3 million. Now, thanks to a new dashboard, Angelenos can see exactly where and how this money is collected.
Named the dashboard of ULA income, The interactive data center was published by the housing service at the end of August. It breaks down the numbers according to the types of properties sold and where.
Until now, 670 sales have been submitted to the tax, which has increased just over $ 439 million on October 31.
This is a large sum, but still far from the original projections, which promised $ 600 million to $ 1.1 billion per year. But the monthly data show that the manor tax market is warmed up.
August has been the largest month so far to measure Ula, raising $ 39.6 million. October was the second most important month, raising $ 35.9 million.
The data also shows that the majority of the properties subject to the manor tax have indeed been residences. Of the 670 total sales, 388 were unified houses, representing around 58% of the total and increasing $ 178.3 million.
Commercial properties – office buildings, retail buildings, warehouses, etc. – represented 135 sales, representing 20% of the total and increasing $ 117.4 million.
Multifamilial residential buildings constituted the third share, 72 sales representing 11%, followed by 8%not classified properties, 3%vacant properties and mixed 0.3%mixed properties.
The districts of WestSide represented almost half of all sales of “mansion tax”. Unsurprisingly, the 5th district of the Municipal Council – which has neighborhoods such as Bel -Air and Beverly Crest – raised the most to $ 83.3 million in 138 sales.
District 11 – which includes Brentwood, Pacific Palisades and Marina Del Rey – raised the second plus to $ 73.9 million out of 174 sales.
District 4 – which houses the Hollywood hills as well as the districts of the San Fernando valley such as Encino and Sherman Oaks – raised the third to $ 59.4 million out of 127 sales.
“We believe in transparency and responsibility, and it is important for people to know how Ula manifests and performs,” said Greg Good, director of strategic engagement and policy for the housing service.
Good said that the order, which entered into force in April 2023, includes rigorous provisions for data collection, and the housing service has strengthened its data team to ensure that the funding is transparent.
“The reality is that it is a lot of money. People have chosen to approve this measure, so it is important to daylight,” said Good. “In this way, we see how things work and evolve the program to ensure that we achieve the objectives of the ULA.”
This is the second dashboard that the housing service launched linked to the measurement of the ULA. Earlier this year, The department has published data In the ULA Emergency Tenants Assistance Program, which surrounds money to low-income risk tenants.
According to this dashboard, the program received 31,380 requests and paid a total of $ 30.4 million to 4,302 households.
