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Mansion Tax Battle Ends in Twist
Description
California’s high-profile mansion tax, a major revenue source for affordable housing, narrowly avoided being repealed after a last-minute political twist. Developers and investors who backed a ballot measure to kill the tax were blindsided when lawmakers instead pushed a different statewide initiative—raising the threshold for local taxes to a two-thirds majority. The original effort, described as a “Game of Thrones” collapse by insiders, fizzled without achieving its goal. But the fight isn’t over: L.A. voters may still see local reforms, including capping transfer taxes at 1.5% or exempting new apartment buildings and fire victims from the tax. With Sacramento stalled, the city council is stepping up to take control.
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