Reforming or repealing Measure ULA has dominated conversation in the real estate industry for the past three years, with a litany of complaints including that the property-transfer tax imposed across the board in the City of Los Angeles has put a damper on luxury residential sales and frozen multifamily development. The latest turn saw the Los Angeles City Council shelve a proposal to exempt new multifamily projects from the tax. This would have appeared on the November ballot for residents to vote on — a move that would be necessary because Angelenos approved it at the polls three years ago. […]
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