HereS a breakdown of teh key data from the provided text, focusing on Measure ULA:
What is Measure ULA?
* It’s a real estate transfer tax in Los Angeles.
* It adds a 4% tax on property sales over $5 million and a 5.5% tax on sales over $10 million.
Key Achievements & Current Status:
* $1 Billion Milestone: Measure ULA has now generated over $1.03 billion as of late November 2025.
* Funding Allocation: The money is used for housing-focused programs, including:
* Affordable housing development
* Rental assistance to prevent homelessness
* Eviction defense
* Critically important Funding Source: It’s considered a substantial and complete funding source for housing initiatives, especially compared to other cities.
* $425M Approved: The city council approved spending roughly $425 million from ULA over the summer on affordable housing and homelessness prevention.
initial projections vs. Reality:
* original Estimates: Initial projections estimated annual revenue between $672 million and $1.1 billion.
* Revised Estimates: These were revised downwards to a lower figure before the measure went into effect in April 2023.
* Slow Start: Revenue growth was initially slow, partly due to property owners rushing to sell before the tax took effect.
Perspectives & Debate:
* Joe Donlin (United to House LA): Believes ULA is crucial, especially with potential federal and state funding cuts. It positions LA well to address the housing crisis.
* Shane Phillips (UCLA Lewis Center): While acknowledging the revenue growth and it’s value as a funding source, he doesn’t beleive the original high projections will be met “any time soon.” He predicted the slow start.
Recent Challenges & Proposals:
* Fire Recovery Pause: Following the Eaton and Palisades fires, Mayor Karen bass proposed temporarily pausing the tax in the Palisades area to aid recovery and facilitate property sales. This proposal is under review.
In essence, Measure ULA is a significant, though debated, source of funding for housing initiatives in los Angeles, having now surpassed the $1 billion mark. While it hasn’t reached its initial revenue projections, it remains a vital resource for addressing the city’s housing affordability crisis.