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Westside Urban Forum Breakfast Talk: Intended Taxes & Unintended Consequences: Measure ULA’s Real Estate Transfer Tax
March 23 @ 7:45 am - 9:30 am
Intended Taxes & Unintended Consequences: Measure ULA’s Real Estate Transfer Tax
Thursday, March 23rd, 2023
Helms Design Center
7:45 am – 9:30 am PST
Panel from 8:30 am – 9:30 am
Doors open at 7:45 for registration, breakfast and networking.
In the November 2022 election, Los Angeles voters approved ballot Measure ULA to enact a new real estate transfer tax to fund affordable housing and tenant assistance programs. Marketed controversially as the “Mansion Tax,” Measure ULA taxes all real property transactions valued over $5 million, both commercial and residential, with very few exceptions. The measure is anticipated to generate hundreds of millions or even one billion dollars annually that will be deposited in a special trust fund, known as the “House LA Fund,” intended to be used to subsidize housing, preserve affordable housing, prevent homelessness, and guarantee counsel to tenants in eviction court.
Despite the urgency and wide consensus of LA’s housing crisis, some pro-housing advocates and experts question if a transfer tax or the ultimate form of Measure ULA was the right vehicle to support affordable housing and homelessness initiatives. Some industry experts worry that with limited exemptions Measure ULA will result in a halt of the residential and commercial purchase and sale market and actually hinder housing production in the City of Los Angeles. Some Measure ULA opponents are fighting the passage with a lawsuit to strike ULA down, arguing it violates California’s Prop 13, and through a proposed state ballot initiative to invalidate the law.
On the other hand, implementation of ULA is not fully formed and there is an important opportunity for stakeholders to shape the process. Was ULA drafted as housing advocates expected, or will there be unintended consequences including for new developments? And what’s the outlook for the pending lawsuit, prospective ballot initiative, and ULA implementation? Join us to discuss these questions and more.
Panelists to be announced shortly.
$10 Student Members & Retired Members
$15 Student Non-Members & Retired Non-Members
Pre-registration closes on Wednesday, March 22nd, at 4:00 PM. After Wednesday, March 22nd, onsite registration will be available at the cost of an additional $10. No refunds or credits will be provided after this day.
7:45 am – 9:30 am
7:45 am – Registration & Light Breakfast
8:30 am – Panel Discussion
Parking will be available in the adjacent, interior parking garage at 8711 Washington Blvd., Culver City (look for the red banners), or there is ample parking throughout the Helm Bakery complex. Alternately, the Expo Light Rail line is located one block to the east of Helms Bakery.