City Measure Proposes New Real Estate Tax To Combat Homeless Crisis

By CBSLA Staff, CBS Los Angeles:

LOS ANGELES (CBSLA) — Housing advocates are looking to tap into Los Angeles luxury real estate market to help solve the homelessness crisis.

“It’s going to immediately support people experiencing homelessness, as well as those at risk of homelessness, with rental assistance, with income assistance for low-income seniors, (and) access to permanent,” said Eli Lipman, executive director of Move LA, one of the groups leading the effort to pass the measure in the 2022 election.

The measure proposes a 4% tax on real estate transactions —residential and commercial — of more than $5 million and a 5.5% tax on transactions greater than $10 million. Lipman added that the measure would also establish strong civilian oversight and accountability protections. Advocates like Larry Gross believe it would help stem the homelessness crisis by providing funds for more affordable housing.

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