Intended Taxes & Unintended Consequences: Measure ULA’s Real Estate Transfer Tax

Thursday, March 23, 2023

8:30 am - 9:30 am PST

Helms Design Center

Doors open at 7:45 for registration, breakfast and networking before the panel begins

In the November 2022 election, Los Angeles voters approved ballot Measure ULA to enact a new real estate transfer tax to fund affordable housing and tenant assistance programs. Marketed controversially as the “Mansion Tax,” Measure ULA taxes all real property transactions valued over $5 million, both commercial and residential, with very few exceptions. The measure is anticipated to generate hundreds of millions or even one billion dollars annually that will be deposited in a special trust fund, known as the “House LA Fund,” intended to be used to subsidize housing, preserve affordable housing, prevent homelessness, and guarantee counsel to tenants in eviction court.

Despite the urgency and wide consensus of LA’s housing crisis, some pro-housing advocates and experts question if a transfer tax or the ultimate form of Measure ULA was the right vehicle to support affordable housing and homelessness initiatives. Some industry experts worry that with limited exemptions Measure ULA will result in a halt of the residential and commercial purchase and sale market and actually hinder housing production in the City of Los Angeles. Some Measure ULA opponents are fighting the passage with a lawsuit to strike ULA down, arguing it violates California’s Prop 13, and through a proposed state ballot initiative to invalidate the law. 

On the other hand, implementation of ULA is not fully formed and there is an important opportunity for stakeholders to shape the process. Was ULA drafted as housing advocates expected, or will there be unintended consequences including for new developments? And what’s the outlook for the pending lawsuit, prospective ballot initiative, and ULA implementation? Join us to discuss these questions and more.

Speakers
Mott Smith, CEO and cofounder, Amped Kitchens; Vice-Chair of the City of Los Angeles Small Business Commission
Jason Ward, RAND, Associate Director, RAND Center on Housing and Homelessness in Los Angeles; Associate Economist; Professor, Pardee RAND Graduate School
Tara Barauskas, Executive Director, Community Corp. of Santa Monica
Corey Hébert, Associate, Ethos

Moderator
Victor De la Cruz, Partner, Manatt, Phelps & Phillips, LLP

Registration Fees
$50 Members
$65 Non-Members
$10 Student Members & Retired Members
$15 Student Non-Members & Retired Non-Members

Pre-registration closes on Wednesday, March 22nd, at 4:00 PM.  After Wednesday, March 22nd, onsite registration will be available at the cost of an additional $10.  No refunds or credits will be provided after this day. 

Event Time
7:45 am - 9:30 am
7:45 am - Registration & Light Breakfast
8:30 am - Panel Discussion

Location
The Helms Design Center is located at the Helms Bakery campus at 8745 Washington Boulevard in Culver City.  Google map and directions

COVID UPDATE
Please note that while the use of a face mask will not be mandated, we highly encourage all of our attendees to wear a mask at all times while indoors.  

Transportation & Parking
The garage at 8711 Washington Blvd. will be open for this event. There is also ample street parking, or you can arrive via the Expo Light Rail line that is located one block to the west of Helms Bakery. Parking Map

Thanks to the generosity of our annual Sponsors, WUF has a small number of free tickets available to members of the community.  If you are not able to join as a member or purchase a ticket for this month's panel presentation, but would like to join us, please write us at info@westsideurbanforum to inquire if we have any remaining sponsor provided tickets. 

THANK YOU FOR YOUR DONATIONS…

As a non-profit organization we are dependent upon donations in order to continue our monthly programming.  Please keep this in mind when registering for this event; we appreciate contributions of any amount.