California legislators are looking to stop some of the bleeding brought on by Measure ULA, or the so-called “mansion tax” in the City of Los Angeles. On Tuesday, lawmakers released a bill that seeks to cut tax rates for some newly built multifamily and commercial properties, LAist reported. Luxury homes would still be subject to the full tax levy under the new proposal, save for those rebuilt after a natural disaster in the previous five years. The move is purportedly being done in response to criticism that Measure ULA pushes away developers when increased housing production is desperately needed in […]
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