Proponents of Measure ULA, the new property transfer tax on commercial and residential transactions over $5M in Los Angeles, promised that the new tax would generate more than $900M for a new housing fund.
In March, the City Administrative Office tamped down those expectations with an analysis that lowered the revenue estimate for Measure ULA to $672M for the fiscal year that begins on July 1 and ends on June 30, 2024.
This week, the city's fiscal chief revealed the proceeds from the first month of tax revenue collected due to Measure ULA, which went into effect on April 1.
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