California voters will get a chance next year to block Measure ULA, a new property transfer tax on commercial and residential transactions over $5M in Los Angeles—an initiative that was approved by a lopsided 58% to 42% margin in a state referendum in November.

A petition calling for a new referendum on local special tax increases, spearheaded by Kilroy Realty, was certified by California's Secretary of State this week to have been signed by more than 1M registered voters, the threshold needed to place the referendum on the state's 2024 ballot.

The real estate interests who sponsored what they're calling the "Taxpayer Protection Act"—Kilroy and the California Business Roundtable sponsored the measure—have worded their ballot proposition in a way they hope negates the popular advantage of Measure ULA: in fact, the 2024 referendum doesn't even mention Measure ULA.