The so-called document acquisition tax would bring in an estimated $600 million to $1.1 billion a year, according to a city analysis, and the proceeds would fund affordable housing, rent subsidies and tenant protection, among other things.
About a quarter of tax revenue would go towards alternative construction and the purchase of existing buildings. Around 30% of the income goes to short-term emergency aid for tenants, subsidies for rent-burdened seniors or the disabled; and funds to provide legal aid to tenants.
Unlike previous home loan policies, there will be a paid inspector general with staff to review progress on the use of the money. About 8% of the revenue would be earmarked for this purpose.
Social justice groups are encouraged that about 30% of proceeds will be used to fund emergency rent subsidies, direct payments to seniors and disabled people at risk of homelessness, and tenants’ right to counseling.
In 2019, if that tax were applied, almost half of the proceeds would have come from the sale of commercial real estate and 27% from the sale of multifamily buildings such as apartments, according to analysis by consultant Mike Kahoe. who wrote a paper on the measure for the Center for Jobs & Economy and the California Business Roundtable.
If the voting measure had already been in effect, sales of these two property types would have raised about $690 million, while sales of expensive single-family homes would have raised just over $200 million.
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https://www.latimes.com/california/story/2022-11-03/2022-california-election-voter-guide-measure-ordinance-ula-housing 2022 California election: Measure ULA voter guide