AB 698: A Safeguard Against Measure ULA-Style Damage in Other Cities
Measure ULA (LA transfer tax) ended up slowing property sales, driving away investment, and raising less money than expected. AB 698 would help prevent this in other cities by requiring a public report before any new transfer tax is proposed, making sure decisions are based on facts and real impacts.
What You Need to Know
The report must explain how the tax would affect affordable housing, new development, and property tax revenue.
It also requires that any ballot measure for a new transfer tax include this report in the voter information.
AB 698 passed the Assembly and is now currently waiting for committee assignment in the Senate.
How It Impacts You
If a city proposes new transfer taxes on commercial properties, AB 698 would require studies and public reports before approval.
By offering clear data on potential risks, these reports can help defeat harmful tax proposals and avoid repeating the economic consequences of Measure ULA.
AB 698 would provide property managers, brokers, and service providers the opportunity to prepare for the potential impacts outlined in the reports if a transfer tax is passed.
Stay Connected
Stay connected to BOMA on the Frontline for updates on this bill’s journey through the legislature.
