Part 2/11:
Enacted in 2022 and taking effect in April 2023, Measure ULA imposes a hefty sales tax on properties exceeding $5 million, initially set at 4.5%, with escalation for higher price brackets—up to over 12% for properties above $10 million. Ostensibly designed to generate revenue—projected to reach nearly $900 million annually—the tax was promoted as a tool to support homelessness prevention and affordable housing. However, its real-world impacts have been alarmingly detrimental.