Los Angeles approves plan to spend nearly $425…
The Los Angeles City Council on Tuesday accepted a plan to spend nearly $425 million collected from Measure ULA, directing the money to a collection of inexpensive housing and homelessness packages.
The spending plan for the 2025 fiscal 12 months that began Tuesday is the most important yet under Measure ULA, also recognized as the mansion tax.
The voter-approved measure, which taxes property gross sales above about $5 million, has drawn criticism from the real estate industry for years and just lately been the subject of a number of studies that discovered it has restricted property gross sales and thus diminished property tax income and the construction of new housing.
Backers, however, tout the measure as offering essential {dollars} to inexpensive housing and homelessness prevention packages at a time when the state and county have cut funding.
In all, the 2025 ULA spending plan is bigger than all different years mixed.
“Don’t believe the hate from big-money real estate or their lies appearing all over the media,” Joe Donlin, director of United to House LA, stated in a assertion. “Measure ULA is doing the steady work to create stable homes and good jobs for Angelenos.”
Under the plan accepted Tuesday, more than $100 million is set to circulation to homelessness prevention packages, including income help for at-risk tenants and eviction protection.
The majority of the 2025 funds, more than $288 million, is to be spent on the manufacturing and preservation of inexpensive housing.
Since voters handed Measure ULA in late 2022, the tax has collected more than $702 million, according to the town’s Housing Department.
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