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LA taxed housing to get more housing. It got less.

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Los Angeles had a housing shortage. So naturally, it decided to tax housing.

In 2022, voters approved Measure ULA.

They were told they were voting for a “mansion tax” on millionaires and billionaires. Far less attention was paid to apartment buildings, commercial property and development sites.

Proponents projected the measure could help produce more than 26,000 affordable homes over a decade.

It sounded almost painless. Tax mansions. House poor people.

Except ULA isn’t really a mansion tax. It’s a tax on real-estate transactions.

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Sell an apartment building above the threshold? Taxed. Commercial property? Taxed. A development site? Taxed.

Today, ULA adds a 4% tax to qualifying property sales above $5.4 million and a 5.5% tax to sales of $10.9 million or more — on top of the city’s existing transfer tax. And those dollar thresholds are set to increase automatically, tied to inflation.

Even worse, once a sale crosses the threshold, the tax applies to the entire sale price — not just the amount above the threshold. Sell a property for just........

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