Los Angeles is roughly a year and a half into its so-called “mansion tax,” levying charges on high-end property sales to raise money for affordable housing and homelessness initiatives.
Measure ULA charges a 4% fee on all property sales above $5.1 million and a 5.5% fee on all sales above $10.3 million. Now, thanks to a new dashboard, Angelenos can see exactly where and how that money is being raised.
Named the ULA Revenue Dashboard, the interactive data hub was released by the Housing Department in late August. It breaks down numbers based on which types of properties have sold and where.
So far, 670 sales have been subject to the tax, raising just over $439 million as of Oct. 31.
It’s a large sum, but still far short of original projections, which promised $600 million to $1.1 billion per year. But monthly data show that the mansion-tax market is heating up.
August was the biggest month so far for Measure ULA, raising $39.6 million. October was the second-biggest month, raising $35.9 million.
The data also show that the majority of properties subjected to the mansion tax have, indeed, been mansions. Of the 670 total sales, 388 were single-family homes, accounting for roughly 58% of the total and raising $178.3 million.
Commercial properties — office buildings, retail buildings, warehouses, etc. — accounted for 135 sales, making up 20% of the total and raising $117.4 million.
Multifamily residential buildings made up the third-largest share, with 72 sales accounting for 11%, followed by uncategorized properties at 8%, vacant properties at 3% and mixed-use properties at 0.3%.
Westside neighborhoods accounted for nearly half of all “mansion tax” sales. Unsurprisingly, the 5th City Council District — which holds neighborhoods such as Bel-Air and Beverly Crest — raised the most at $83.3 million across 138 sales.
District 11 — which includes Brentwood, Pacific Palisades and Marina del Rey — raised the second most at $73.9 million across 174 sales.
District 4 — home to the Hollywood Hills as well as San Fernando Valley neighborhoods such as Encino and Sherman Oaks — raised the third most at $59.4 million across 127 sales.
“We believe in transparency and accountability, and it’s important for folks to know how ULA is manifesting and performing,” said Greg Good, director of strategic engagement and policy for the Housing Department.
Good said the ordinance, which took effect in April 2023, includes rigorous provisions for data collection, and the Housing Department has beefed up its data team to make sure the funding is transparent.
“The reality is, it’s a lot of money. People made the choice to approve this measure, so it’s important to daylight the impacts,” Good said. “That way, we see how things are working and evolve the program to ensure we achieve the goals of ULA.”
It’s the second dashboard that the Housing Department has launched related to Measure ULA. Earlier this year, the department released data on the ULA Emergency Renters Assistance Program, which funnels money to low-income renters at risk of homelessness.
According to that dashboard, the program has received 31,380 applications and paid out a total of $30.4 million to 4,302 households.