The City of Los Angeles’s new property transfer tax took effect April 1, with all real estate transactions in excess of $5 million affected.
Approved by voters last November, Measure ULA—known as the Homeless and Housing Solutions Tax—will add 4 percent to properties sold for between $5 million and $10 million, and 5.5 percent for those over $10 million.
“That is a big financial burden to the seller,” Gregory Bega, a broker with Sotheby’s International Realty’s Brentwood office, told The Epoch Times.
He suggested some of these costs will be passed onto buyers.
“No wonder there is an exodus out of California,” he said….