In Its First Year, LA’s Mansion Tax Falls Short of Revenue Projections

Early estimates saw $900 million pouring in for affordable housing, but the actual revenue is about $215 million.

A satellite image of an affordable supportive housing development project site breaks ground in Los Angeles on Oct. 12, 2023. Google Maps/Screenshot via The Epoch Times

The Los Angeles mansion tax, approved by 58 percent of city voters in November 2022, has generated less revenue than projected. About $700 million less.

City officials held an April 4 news conference where housing advocates, developers, renters, and other stakeholders gathered to hear a report on Measure ULA’s first year.