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The Los Angeles City Council on Tuesday approved a plan that would spend nearly $425 million collected from ULA measurements, directing money on a series of affordable housing and homeless programs.
The 2025 spending plan launched on Tuesday is the largest despite ULA’s measurements, also known as the mansion tax.
The voter-approved measures that tax on property sales exceeding around $5 million have attracted criticism from the real estate industry for years and have recently been the subject of several reports that have found that limited asset sales have reduced property tax revenue and the construction of new homes.
But supporters advertise that they provide important dollars for affordable housing and homelessness prevention programs at a time when states and counties cut funds.
Overall, the 2025 ULA spending plan is bigger than all other years.
“Don’t believe in the hatred that big money real estate and their lies appear throughout the media,” House L.A. United director Joe Donlin said in a statement. “Measurement is doing steady work to create a stable home and a good job for Angelenos.”
Under the plan approved Tuesday, more than $100 million is set to flow to homelessness prevention programs that include risky tenants and revenue support for eviction defense.
The majority of funding for 2025 is over $288 million, and will be spent on the production and storage of affordable homes.
The city’s housing division says voters have collected more than $702 million in taxes since passing the measure in late 2022.
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