Mayor Karen Bass, who has made tackling the spiraling homelessness crisis in Los Angeles her top priority, has overruled the city's top financial advisor, who warned against spending a new housing fund based on the proceeds from the Measure ULA property transfer tax.
Bass announced this week her proposal to spend $1.3B next year in a city-wide Initiative to move unhoused people into housing and treatment programs.
The funds will draw $150M from Measure ULA, the property transfer tax that went into effect on April 1. The tax adds a 4% tax on all residential and commercial sales over $5M and a 5.5% tax on sales over $10M.
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