Interest money

Reject special interest seizure Measure ULA – Daily News

In May, this editorial board warned Los Angeles taxpayers of a pending ballot action by United in House LA to impose a major new tax on high-value real estate sales.

The measure has since qualified and is now on the City of Los Angeles ballot in the form of Measure ULA.

Proponents of this measure have good intentions. They correctly note the obvious problems of homelessness and housing unaffordability in the city of Los Angeles.

Their proposed solution is to raise taxes on real estate sales worth more than $5 million, generating an estimated $900 million a year in tax revenue to be spent on housing and homelessness prevention efforts.

However, while this may be superficially appealing to some, it is not the right way to tackle both housing affordability and homelessness.

Housing affordability in Los Angeles boils down to the city’s long-term failures of land-use policy, Byzantine bureaucracy, and a litany of barriers to cost-effective housing development.

The city’s record of building housing quickly, efficiently and affordably has been a proven disaster. City taxpayers have entrusted the city with $1.2 billion to house the homeless.

How did that happen ? According to City Comptroller Ron Galperin, the city spent an average of $600,000 per housing unit for the homeless and up to $837,000 per unit for a project.

Trusting a city with that $900 million a year track record reminds us of the quote from PJ O’Rourke, “Giving money and power to government is like giving whiskey and car keys to teenagers.” Moreover, with any public policy action, there is a trade-off.

Someone will pay these higher taxes and we can be sure that the costs will be passed on to consumers, small businesses and tenants.

If Angelenos are serious about tackling housing affordability and homelessness, they need to push city leaders to make it easier to build more housing and demonstrate that they can actually succeed in making cost-effective housing a reality. .

Measuring ULA risks hitting Angelenos with higher costs in order to fund bloated bureaucracies. Measuring ULA has all the hallmarks of a senseless special interest money grab, pure and simple. Vote no.

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