ULA data breakdown: “Mansion Tax” hits commercial sector hardest

Three years, nearly 1,600 deals and $1.1 billion later, Measure ULA – sold to voters as a “mansion tax” – has gotten most of its revenue from commercial real estate transactions ranging from office buildings to apartment complexes. The take from the tax on commercial properties since it went into effect within the City of Los Angeles in 2023 accounts for 55.5 percent of the total so far, according to recently updated data from the Los Angeles Housing Department. Through deals made in the commercial sector, spanning office, retail, industrial, multifamily and mixed-use residential properties, ULA brought in $635.2 million […]This article originally appeared on The Real Deal. Click here to read the full story.