Beginning this past weekend, high-end homes in one of the nation’s most high-end markets are now subject to what is colloquially referred to as a “mansion tax.” Following the example of some other exclusive markets and big metros, the city of Los Angeles passed Measure ULA back in November, levying a significant fee on transfers of real property that sell for over $5 million. Uniquely, revenue from the tax will fund affordable housing and services to combat homelessness in the city.
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