The Los Angeles Metropolis Council on Tuesday authorised a plan to spend practically $425 million collected from Measure ULA, directing the cash 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 but underneath Measure ULA, also called 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 lately been the topic of a number of reviews that discovered it has restricted property gross sales and thus lowered property tax income and the development of recent housing.
Backers, nonetheless, tout the measure as offering essential {dollars} to inexpensive housing and homelessness prevention packages at a time when the state and county have minimize funding.
In all, the 2025 ULA spending plan is larger than all different years mixed.
“Don’t consider the hate from big-money actual property or their lies showing everywhere in the media,” Joe Donlin, director of United to Home LA, mentioned in a press release. “Measure ULA is doing the regular work to create secure houses and good jobs for Angelenos.”
Below the plan authorised Tuesday, greater than $100 million is about to move to homelessness prevention packages, together with earnings assist for at-risk tenants and eviction protection.
The vast majority of the 2025 funds, greater 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 greater than $702 million, in keeping with the town’s Housing Division.
