Among all the other measures on the Los Angeles area’s ballot last November was a referendum in the city of Los Angeles for a “mansion tax” that would impose a new transaction tax on any real estate sale in excess of $5 million. The referendum passed with nearly 58% of the vote and called for the following:

• enact a 4% tax on properties sold or transferred for more than $5 million and a 5.5% tax on properties sold or transferred for more than $10 million;
• establish the House LA Fund within the city treasury to collect additional tax revenue; and
• allocate revenue to projects that address housing availability at certain income thresholds and homelessness prevention.