Part 3/11:
Contrary to expectations, the measure has drastically slowed down both sales and development activities, particularly on the commercial and multifamily housing front. According to recent data analyzed by UCLA's Lewis Center for Regional Policy Studies, property transactions across Los Angeles above $5 million have plummeted, with commercial building sales falling by nearly 17-18% per month and even steeper declines (30-50%) in certain zip codes over two years.