The Los Angeles City Council on Tuesday authorized a plan to spend practically $425 million collected from Measure ULA, directing the cash to a sequence of reasonably priced housing and homelessness applications.
The spending plan for the 2025 fiscal 12 months that began Tuesday is the largest 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 actual property trade for years and not too long ago been the topic of several reports that discovered it has restricted property gross sales and thus decreased property tax income and the building of new housing.
Backers, however, tout the measure as offering essential {dollars} to reasonably priced housing and homelessness prevention applications at a time when the state and county have minimize funding.
In all, the 2025 ULA spending plan is larger than all other 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, said in a assertion. “Measure ULA is doing the steady work to create stable homes and good jobs for Angelenos.”
Under the plan authorized Tuesday, more than $100 million is set to stream to homelessness prevention applications, including revenue support 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 reasonably priced housing.
Since voters handed Measure ULA in late 2022, the tax has collected more than $702 million, according to the metropolis’s Housing Department.
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