“The math ain’t mathing,” said Chris Tourtellote, managing director at Marina Del Rey-based LaTerra Development, on developing new apartment buildings in the City of Los Angeles. That sums up the seeming political impetus for a state bill that was bound for a floor vote in Sacremento until it got the kibbosh in a sudden move late Thursday night. The legislation, co-authored by Sen. Lena Gonzalez and Assembly member Tina McKinnon and backed by Mayor Karen Bass, could have relaxed the transfer taxes as outlined in United to House LA measure, aka Measure ULA. That leaves Tourtellote and other developers stuck with a […]
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