Los Angeles Mayor Karen Bass is looking at pausing a controversial property tax to help rebuild after wildfires. The tax, called Measure ULA, adds extra costs when expensive homes and buildings are sold. Critics say it’s been a disaster for the city’s real estate market.
Measure ULA was supposed to raise money for affordable housing and homeless programs. Instead, it brought in way less cash than promised. The tax made it harder to sell big properties, which hurt jobs and development. Now, with wildfires destroying neighborhoods, Bass wants to lift this tax to speed up rebuilding.
Some say the tax was unfair from the start. It hit regular landlords and businesses, not just “rich” people. Even small apartment buildings got taxed, making it harder for owners to keep rents low. The money that did come in mostly went to government programs instead of helping people directly.
Wildfires wrecked thousands of homes and businesses. Rebuilding costs are sky-high, and Measure ULA’s extra taxes made things worse. Suspending the tax could free up money to fix neighborhoods faster. Governor Newsom already cut red tape to help recovery. Bass’s move would follow that pro-growth approach.
Conservatives argue this shows why big taxes backfire. Measure ULA hurt the economy instead of fixing homelessness. Letting people rebuild without extra taxes is common sense. It’s time to put families and businesses ahead of failed government schemes.
