LOS ANGELES—The City Council voted Feb. 21 to explore how to implement Measure ULA, a ballot measure that passed in November and seeks an additional tax on property sales that exceed $5 million in Los Angeles.
The measure is currently facing litigation, but if it survives, the tax is expected to generate between $600 million and $1.1 billion annually. A majority of the revenue would go toward affordable housing and tenant assistance programs, backers said.
