Ballot measure to tax sales of homes worth over $5M is approved by LA City Council

November ballot measure to raise taxes on high-end homes and commercial property sales to fund homeless housing.

The proposed tax ordinance, backed by a coalition of affordable housing, homeless services and labor groups, proclaim it as a measure to impose a “one-time fee” on millionaires and billionaires. Back on June 15, the Los Angeles City Council voted 14-0 to place it on the ballot.

Click here to view the LA City Affordable Housing Petition.

Click here to view the proposed Ordinance 187540.

For more information, see link below:

LOS ANGELES DAILY NEWS “Ballot measure to tax sales of homes worth more than $5 million is approved by LA City Council”

BLOOMBERG “Los Angeles Property Investors Ready Fight Against Megamansion Tax Hike”