The Los Angeles Metropolis Council on Tuesday authorised a plan to spend practically $425 million collected from Measure ULA, directing the cash to a collection of inexpensive housing and homelessness applications.
The spending plan for the 2025 fiscal yr that began Tuesday is the biggest but below 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 trade for years and not too long ago been the topic of a number of experiences that discovered it has restricted property gross sales and thus diminished property tax income and the development of latest housing.
Backers, nonetheless, tout the measure as offering essential {dollars} to inexpensive housing and homelessness prevention applications at a time when the state and county have reduce funding.
In all, the 2025 ULA spending plan is larger than all different years mixed.
“Don’t imagine the hate from big-money actual property or their lies showing all around the media,” Joe Donlin, director of United to Home LA, stated in an announcement. “Measure ULA is doing the regular work to create steady properties and good jobs for Angelenos.”
Underneath the plan authorised Tuesday, greater than $100 million is about to circulate to homelessness prevention applications, together with revenue help for at-risk tenants and eviction protection.
The vast majority of the 2025 funds, greater than $288 million, is to be spent on the manufacturing and preservation of inexpensive housing.
Since voters handed Measure ULA in late 2022, the tax has collected greater than $702 million, in response to the town’s Housing Division.
