LA City Council shelves ballot measure to cancel the ‘mansion tax’ on new apartments

The Los Angeles City Council voted to remove a proposed ballot measure that would have canceled the 'mansion tax' on new apartment buildings for the first 10 years of construction. Advocates argue the tax, known as Measure ULA, has stifled housing development, while supporters claim it funds affordable housing programs. A city analysis found the exemption would have minimally impacted housing and revenue.