Governor Newsom Releases 2023-2024 Budget Featuring $22.5 billion Deficit
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
Measure ULA Transfer Tax to be Challenged in Court
Following its passage by voters last November, Measure ULA is being challenged in California courts.Read More
As Measure SP Fails, ULA Appears to be Headed for Victory
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
New Study Reveals Devastating Impact of LA City Transfer Tax
The Los Angeles City Council unanimously approved placing a new transfer tax proposal on the November ballot.Read More
New Santa Monica Real Estate Tax Initiative
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.
LA Considering Parcel Tax for November Ballot
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.
New Tax Measure Coming to Culver City
On June 13th, the Culver City City Council decided against adding a parcel tax to the November ballot. However, they will proceed with a Business License Tax ballot measure.Read More
No New West Hollywood Vacancy Tax for Now
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
A Look at the Cost of Living in Los Angeles
When people think of Los Angeles, it’s often synonymous with a high cost of living. As Angelenos know too well, this could not be further from the truth. According to the data, Los Angeles is known as one of the most expensive cities to live in. Although Los Angeles’ growth is producing higher wages and new industries, those …Read More
New Split Roll Tax Initiative Fails to Make Ballot!
Late last year, a law firm representing SEIU-UHW submitted a proposal to California state officials seeking to place a split roll tax proposal on the November 2022 ballot. In application, this new proposal was dramatically different from Proposition 15, a tax initiative that was defeated last year. Preliminary titled as the “Housing Affordability and Tax Cut Act of 2022”, the proposal would tax …Read More