Both Rep. Karen Bass and Rick Caruso appear to think that backing the tax is bad politics when Angelenos are frustrated with how past money has been spent to address homelessness, even as many feel the crisis has worsened.
Depending on when you bought in California, Proposition 13 has kept your property taxes low while your newer neighbors pay far more, essentially subsidizing those with artificially low taxes.has a similar tax that sends revenue into the general fund, though at a much lower rate than what is proposed for the ballot measure.
“Is it later than people thought it would be? Maybe,” she said. “But that’s pretty damn huge and that’s because of revenue in our system.”Roughly a quarter of the tax’s proceeds would go toward alternate modes of construction and the purchase of existing buildings. About 30% of the revenue would provide short-term emergency assistance for tenants, subsidies for rent-burdened seniors or disabled people; and funding to provide legal aid for tenants.
Proponents say this new tax is needed to keep the city from lagging behind in the construction of new affordable housing. Opponents, meanwhile, say the “mansion tax” label is misleading. If the upcoming ballot measure were already in force, sales of these two types of real estate would have raised about $690 million, while sales of expensive single-family homes would have raised just over $200 million.
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