The Los Angeles Metropolis Council on Tuesday authorised a plan to spend almost $425 million collected from Measure ULA, directing the cash to a collection of reasonably priced housing and homelessness applications.
The spending plan for the 2025 fiscal yr that began Tuesday is the most important but underneath Measure ULA, also called the mansion tax.
The voter-approved measure, which taxes property gross sales above about $5 million, has drawn criticism from the true property business for years and lately been the topic of a number of stories that discovered it has restricted property gross sales and thus lowered property tax income and the development of recent housing.
Backers, nonetheless, tout the measure as offering essential {dollars} to reasonably priced housing and homelessness prevention applications at a time when the state and county have minimize funding.
In all, the 2025 ULA spending plan is bigger than all different years mixed.
“Don’t imagine the hate from big-money actual property or their lies showing everywhere in the media,” Joe Donlin, director of United to Home LA, stated in a press release. “Measure ULA is doing the regular work to create secure houses and good jobs for Angelenos.”
Below the plan authorised Tuesday, greater than $100 million is about to stream to homelessness prevention applications, together with earnings help for at-risk tenants and eviction protection.
Nearly all of the 2025 funds, greater than $288 million, is to be spent on the manufacturing and preservation of reasonably priced housing.
Since voters handed the measure in late 2022, the tax has collected greater than $702 million, in keeping with town’s Housing Division.