L.A.’s ULA Measure, which raises money for affordable housing by adding a 4 percent transfer tax to home sales above $5 million, has “chilled” the market: “People started pulling their listings.”
Measure ULA adds a transfer tax of 4 percent for sales above $5 million and 5.5 percent for deals above $10 million; real estate transactions in the city below those levels pay the already-established transfer tax rate of .56 percent.
“The flurry of activity that happened up until April 1 was pretty phenomenal,” says real estate attorney Loretta Thompson, a partner at Withers Worldwide. “And then, of course, after that, people started pulling their listings. There’s been a quantifiable pause in anything that’s over $5 million. It chilled the market immediately, which was what everyone expected it would do.”
Luxury real estate agents, who were by and large opposed to Measure ULA, continue to speak out against the tax.
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