Proposed State Law Could Drastically Reduce Los Angeles’s Measure ULA Tax

A proposed state law in California threatens to dramatically reduce the impact of Los Angeles’s Measure ULA, a transfer tax on high-value property sales intended to fund affordable housing and tenant assistance programs. The bill would cap local transfer taxes at 1.5%, a substantial decrease from the rates established by Measure ULA. If enacted, this legislation would reshape one of California’s most significant real estate taxes and diminish a crucial source of funding for affordable housing initiatives in Los Angeles. The fate of this bill will be closely watched by real estate professionals and housing advocates across the state.