Billionaires in California are pushing to sink the wealth tax proposition on this fall’s ballot in California, which would levy a one-time 5% wealth tax on those California billionaires, with the scary—and empty—threat that they’ll leave the state and ruin the economy.

Appeals to appease the wealthiest—lest they take their money and bolt—are a common plea in California, even when society’s least wealthy are the ones most afflicted. Consider, for example, the ongoing resistance of wealthy developers to Los Angeles’ “mansion tax,” and the ability of their grievances to dominate a sympathetic news media.

In 2022, Los Angeles voters approved Measure ULA to create a dedicated, long-term funding source for solutions to homelessness in LA, including funding the construction of affordable homes and preventing homelessness by helping low-income tenants stay in their homes. The funding comes from a new tax on the most expensive real estate transactions in LA, affecting fewer than 4% of property transactions, and is one of the most ambitious measures ever taken by a US city to address the problem of homelessness and the related housing crisis.

The US desperately needs more housing, and those programs must include specific plans and sufficient funding for affordable housing to keep low-income people securely housed.

But, by the end of three years of local news coverage about Measure ULA from the Los Angeles Times and LAist, two of LA’s largest news organizations, the news about Measure ULA had evolved to be largely negative and dominated by just two narrative frames: that “ULA reduced housing development” and “ULA needs to be reformed”—meaning weakened or eliminated entirely.

At the same time, local stories about what Measure ULA was doing to reduce homelessness and support affordable housing, and the people who were aided by its programs, were exceedingly rare. For example, of the 97 reports about Measure ULA from the Los Angeles Times and LAist over three years, only 7 stories included any sourcing of people who were homeless or who were helped by a tenant program to stay in their home. And, over 30% of the stories didn’t even mention the words “homeless” or “homelessness.” This is based on my research in a study of news stories of Measure ULA in the Los Angeles Times and LAist.com from April 2023 (when the law went into effect) to March 2026.

The news coverage of Measure ULA has wide political impact. Today, those negative news frames about Measure ULA have informed the positions of local politicians (including the mayoral battle between incumbent Karen Bass and challenger Nithya Raman), have helped to put a statewide measure on the ballot to make approving local taxes more difficult, and have been adopted unproblematically by the national news media as the official story of the shortcomings of LA’s so-called mansion tax. A May 20, 2026 story........

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