"Developers from across the Los Angeles region came together to discuss the state of the construction market, the city, rebuilding efforts and more at The Real Deal's inaugural roundtable event in Hollywood. Top of mind, among other issues, was Measure ULA, the so-called mansion tax that has driven many developers out of L.A. city limits. Homeowners have similarly been repelled by the legislation."
"When you are doing these deals and sellers can be charged anywhere between 4.5 and 5 percent additional fees on top of commissions and closing costs and everything else, it's make it or break it for a lot of these developers, not only on the luxury level, but for apartments, for retail, and everything in the middle. It's continuing to be challenging and they really need to fix it"
Developers from across Los Angeles convened in Hollywood to evaluate the construction market, city conditions, rebuilding efforts, and policy impacts. Measure ULA, a so-called mansion tax, emerged as a central obstacle, imposing roughly 4.5–5 percent additional fees that inflate seller costs and stall deals across luxury, apartment, retail, and midmarket segments. Industry leaders report widespread seller and buyer frustration and estimate ULA has halted a substantial portion of transactions. City officials allocated $425 million of Measure ULA funds to affordable housing and homelessness programs, prompting concerns that funds will favor legal advocacy over actual housing production.
Read at therealdeal.com
Unable to calculate read time
Collection
[
|
...
]