By Jack Humphreville, L.A. Watchdog for CityWatch
Yet despite these record revenues, the City and other insiders are considering ballot measures and fee increases that cost us over $1 billion a year.
In May, United to House LA announced that it delivered about 100,000 signatures to the City Clerk to qualify a measure for the November ballot that will create the Los Angeles Program to Prevent Homelessness and Fund Affordable Housing. The proponents expect this Flip Tax to raise over $800 million a year by levying a 4% tax on sales of commercial and residential properties over $5 million, and 5.5% on sales north of $10 million. These funds would be used to “provide immediate support to people experiencing homelessness, and those at risk of homelessness, in the form of rental assistance, emergency income support, and access to permanent housing.”