hollywoodreporter.com - Mansion tax luxury home sales los angeles

"The Mansion Tax Effect: Luxury Home Sales Stall in Los Angeles"

"L.A.'s ULA Measure, which raises money for affordable housing by adding a 4 percent transfer tax to home sales above $5 million, has 'chilled' the market: 'People started pulling their listings.'

Hmmm, are those $5 Million Dollar homeowners who chose L.A to live in - those well educated professional MAGA people? Nope. Once again, Rich Liberals love slogans but never want to pay up.

"In L.A., sellers pay the mansion tax. In New York, buyers pay,' Iglar explains. 'A buyer purchasing a $10 million house is wealthy at the time of purchase, so a tax on them is truly a tax on the wealthy. Someone selling a $5 million house may be an elderly lady who has $1 million in equity and a $4 million mortgage, and that $1 million is her life savings. It's not fair. The buyer of a house is, by definition, wealthy at the time of purchase; the seller may be house rich and cash poor. So, it's a distorted tax that's going to hit a lot of normal people.'

This won't be permanent. Ebbs and Flows. BUT between this trend.....some A.I job killing.......some more poverty importation (all of which I support and the latter I've personally assisted in).... what will some idled people do? Indeed, many in this echelon find work from estates and clients such as these.

Someone should let them know that Whole Foods has people with money, the next door yoga place has pretty girls with no weapons. And translate the brochure in Spanish. I want to do it badly but dont want to be directly responsible for it.

But I'm passionate about angry, underemployed people seeking......."Wellness".

Hopefully the Google Jockeys as usual are sanguine. That makes these problems get more entrenched and the results - more severe.