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Date Posted: 11:36:14 4/17/23 Mon
Author: Jasper
Subject: An ode to Billy Joel.

.
The] tax applies to every real estate sale within Los Angeles that is not exempt – including not just mansions, but apartment complexes, retail and industrial buildings and other structures, causing some in the real-estate business to warn that developers will look elsewhere to build.

“So you add another 5% onto the equation – a lot of times the margins are very thin. If they don’t have the incentive to build, and people aren’t going to build for a loss, we’re going to have less housing,” said David Kramer, president of Hilton & Hyland, a real-estate broker that deals with homes that generally cost more than $10 million.

And he’s not referring to mansions, but to apartments. Kramer says large complexes that lease out homes can easily cost more than $10 million to build. Tacking on potentially millions more in taxes will scare developers away.
“When you include the tax, plus commissions, plus other taxes, potential sellers are looking at 11%,” said Aaron Kirman, CEO and Founder, AKG/Christie’s International Real Estate. “And that is a lot of money.”

https://legalinsurrection.com/2023/04/los-angeles-elites-scrambled-to-sell-homes-ahead-of-new-mansion-tax/

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