After years of historic budget surpluses, California is preparing for a multi-billion-dollar budget deficit for 2023.
Earlier this week, Governor Newsom outlined budget cuts needed to tackle the $22.5 billion dollar deficit.Read More
Measures ULA and SP had massive consequences for the commercial real estate industry if they passed, and unfortunately, it appears one will.
While Measure SP appears to be headed for failure, Measure ULA looks like it will pass.Read More
Santa Monica voters should expect a Real Estate Transfer Tax initiative on their ballots this fall. If passed, it would raise the transfer tax rate from 0.6% to 5.6% for properties transferred at $8 million or more.
This tax will significantly impact both commercial and residential properties and their tenants.
The City of Los Angeles is considering the placement of a Parcel Tax Measure for the November 2022 ballot. The tax’s purpose is to provide funding for parks and recreation infrastructure.
The proposed tax rate is not available yet. However, any new tax proposal in the current economic climate is concerning.
In a victory for property owners, West Hollywood will not be placing a vacancy tax measure on the November 2022 ballot. Instead, in a 3-2 vote on June 6th, the West Hollywood City Council decided to move the discussion of the ballot measure to March 2023.Read More