Did you take a peek at the partially obscured sun? Time to swap your eclipse glasses for reading glasses. The Los Angeles Times published a letter from BizFed Founding CEO Tracy Hernandez responding to an April 1 article about broader impacts of Measure ULA, the so-called “mansion tax” in the city of Los Angeles that BizFed members voted to oppose.
The Times article outlines the chilling effects of the transfer tax on the city’s “luxury” real estate market. What about its impacts on non-luxury markets and non-mansion dwellers? Since its passage in 2022, the tax has hurt everyday renters, construction workers, developers, realtors and other Angelenos. Let’s not overlook their concerns and leave their stories shrouded in obscurity.
