The ULA measure, addressed to the city of Los Angeles, proposes a 4% tax on property sales over $5 million and 5.5% if valued over $10 million. The tax will only apply to the sale of the property and will be paid by the seller.
The money will be used to improve housing affordability at certain income thresholds and to prevent homelessness. Also, part of the funds will be used to provide legal assistance to residents.
La Opinion supports the ULA Measure and encourages its readers to vote for its approval in this election.
Proponents estimate that the measure will generate about $900 million in revenue per year, mostly from apartment buildings and commercial land.
In recent years, rising rents and a shortage of affordable housing have led to the nation’s worst housing crisis and homelessness in Los Angeles. More than 40,000 people live on our streets.
The measure is aimed at reducing the wave homelessnot only by helping directly through the acquisition of housing units and converting them into affordable rentals, but also by using 30% of its funds to help low-income senior residents prevent them from losing their homes.
The ULA measure also includes ideas to reduce the cost of building new homes. This is very important, because the main problem is that not enough houses are being built, and the shortage can be measured in hundreds of thousands of units.
In this sense, it is not limited to the homeless, but also aims to help low-income Angeleno residents in general in what is perhaps the most troubling aspect of their lives – housing, its low availability and its high prices.
It represents an attempt to eradicate the worst results of Proposition 13, which since 1978 limited the property tax to 1% and did not allow an annual increase of more than 2%, and which contributed to the reduction of tax revenues from those who have more.
If we have any reservations, it is the fear that the millionaires and billionaires of Los Angeles will find a way to pass on the tax increase to others, thereby defeating the purpose of this measure. This outcome can be avoided.
So vote for Measure ULA in Los Angeles!
Source: La Opinion
Ashley Fitzgerald is an accomplished journalist in the field of technology. She currently works as a writer at 24 news breaker. With a deep understanding of the latest technology developments, Ashley’s writing provides readers with insightful analysis and unique perspectives on the industry.