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LA City Council delays vote on Measure ULA reforms, citing need for further review.
The Los Angeles City Council has delayed voting on a proposal to reform Measure ULA, the 2022 "mansion tax" that taxes property sales over $5 million, with proceeds funding affordable housing and homelessness prevention.
Councilmember Nithya Raman’s plan would exempt newly built multifamily and commercial properties from the tax for up to 15 years and provide relief for fire-affected homes, aiming to boost housing construction.
The council referred the measure to two committees for further review instead of placing it on the June ballot, leaving the future of the tax and its reforms uncertain.
While the tax has generated over $1 billion in revenue, critics argue it discourages new development, potentially reducing thousands of housing units annually, prompting calls for balance between funding and construction incentives.
El Ayuntamiento de Los Ángeles retrasa la votación de las reformas de la medida ULA, citando la necesidad de una revisión adicional.