The Los Angeles City Council approved a $150 million expenditure plan for revenue from its ‘mansion tax’ to go toward programs targeting housing issues in the city.
Los Angeles residents approved Measure ULA, dubbed the ‘mansion tax’, in November, placing a 4% property sales tax on residential and commercial real estate valued at over $5 million. Since April, the voter-approved measure has raised $55 million. The city can only spend the revenue as it trickles in, meaning until the tax brings in $150 million, they can't spend the designated amount.
The first program to launch will be for emergency rental assistance, opening in less than a month on Sept. 19.
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