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Ep. 18: When Regional Markets Don't Match the National Narrative - Sean Burton - CEO of Cityview
The Distribution by Juniper Square
The Impact of the Transfer Tax on the Real Estate Market
A lot of the headlines recently have been about measure ULA, which is the transfer tax. I think you've seen almost a complete cessation of any sort of new building of housing in Los Angeles since ULA. It's already very, very difficult to build. And when you add another 5.5% gross tax, it makes most, if not all projects unaffordable. The intent behind ULA was that people who are busy go into the ballot box and they see about an issue that says, look, let's tax mansions that sell and give them money to build more homeless housing. That's the unintended consequence.
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