LOS ANGELES—The City Council voted Feb. 21 to explore how to implement Measure ULA, a ballot measure that passed in November and seeks an additional tax on property sales that exceed $5 million in Los Angeles.
The measure is currently facing litigation, but if it survives, the tax is expected to generate between $600 million and $1.1 billion annually. A majority of the revenue would go toward affordable housing and tenant assistance programs, backers said.
The council voted to approve recommendations by two committees that include instructing the City Attorney’s Office and Los Angeles Housing Department to report within 15 days on a plan to form the House LA Fund and House LA Program using up to $500,000—which would be paid back from future Measure ULA funding….