New LA Mansion Tax collects less revenue than expected in 1st year

[@dougholdt9130]

Why do the people involved in this program think they are entitled to other peoples money? And then they get frustrated when people who own these properties do what they can to avoid paying extra taxes? I wonder what they would do if these taxes were levied on them….?

[@RebeccaO619]

The feds raised interest rates 11 times between 2022-2023! No wonder the program didn’t do as well as they expected. No one was able to buy / sell homes without being punished by huge interest rates plus a mansion sales tax.

[@rt-a2005]

California is gonna run into some financial difficulties soon

[@vd.s6158]

Already has a huuuuuge budget deficit

[@ctycwby]

CA is doing it to themselves!

[@itstheweather5859]

Soon? Its happening now.

[@Hojun666]

Everyone blaming the rich but if it were them who were rich, they would have done the exact same thing lmao

[@PromiscuousBoy]

Checks and Balances and Laws Exist for that very Exact Reason thou lol

[@Reach41]

$215 million? The state blows that much every week on the homeless, but, that being such a paltry sum, they don’t bother tracking the expenses.

[@JL-rd5gn]

they'll just lower the tax to $3 million houses, then $2 million, then $1 million... ad infinitum

[@timothynguyen4039]

if you're in socal, there is no decent houses under a million dollars. you might get 800k for a run down shack in a bad hood

[@maxoobbxxx8032]

Correct, this is how it always ends. The income tax was supposed to be levied on the richest of the rich, only about 13 people in all of the US were supposed to pay it when it was sold to the public.

[@dmoney5003]

California is currently facing financial difficulties due to excessive spending. The state's business owners, who have invested millions of dollars, are the primary property owners. However, due to a lack of education, some individuals may perceive the situation positively. While no one desires additional taxes, there is a tendency to impose higher taxes on successful individuals solely based on their achievements.

[@adrianf7732]

Rich people will ALWAYS find loopholes around tax laws.

[@KK-nl6zq]

Define "affordable housing". Can a fast food worker with $20/hr afford that project next to the Vermont subway station? Are they placing homeless people in that 187 units?

[@danielmakinde-v9k]

theyres an easy way around this, DONT SELL THE PROPERTY, SELL THE LLC THAT OWNS THE PROPERTY

[@vd.s6158]

LOL imagine being this naive thinking taxing will solve housing problem.

[@DeusEx.Machina]

*LOL* Imagine using $215 million to build affordable housing 🙄.

[@PromiscuousBoy]

LOL imagine being this naive thinking without taxing will solve any problem. The options are there you can always Move to places with less or no taxes , just know that Schools, Infrastructure, Public Entertainment, Commerce, Transportation, Public Health ext EXT is Non Existent because a Adult should know this NOTHING IS FREE! Or you can Elaborate to Me how would you go about Governing a City with MILLIONS in Population. And PS if you REALLY want to check it out you can use Google Maps or Apple Maps and “walk through” States and State cities with little to No taxing and you can quickly find out those State literally look like 3rd World Economies , the Knowledge and way to find out Exist in 2024, the question is whether your capable of Accepting Reality and not just disregard them cause of your “fewwings”

[@vd.s6158]

I walk/drive though LA everyday, which is one of the highest taxed cities and located in one of highest taxed state and it looks like abandoned Utopia. Nice try though my boiiiiii @@PromiscuousBoy

[@DeusEx.Machina]

@@vd.s6158 LA was never a utopia. I live here as well, there’s a lot of bad politics, and massive inequality. Earmarking taxes to build affordable housing is a good idea. You’re just babbling and not saying anything constructive.

[@A_r78]

⁠@@DeusEx.Machina Fox News melted his brain

[@Liberalcali]

Ask Newsome and his Chinese investors

[@usernamena2324]

Too bad these delusional supporters will end up paying the tab for these projects.

[@Liberalcali]

This just shows millionaires left the state

[@Chillpina]

I would do the same and sell before the tax goes in effect. Why pay ridiculous taxes?

[@flyingjew2994]

Lol if I were that rich I would find ways to avoid this or just leave the state.

[@navigator487]

I'm not sure how you avoid the tax unless you want to rent the property. And if you sell the property and move to another state, your marginal tax rate might be 33% on the gain (less $250k/$500k exclusion), and you pay the 5% sales tax. You can pass the property to your heirs, but your heirs may realize they really don't want to live there and will pay the 5% tax. Hypothetically speaking, if I had an $8 million house that I paid $3 million for 10 years ago, I would count my blessings on the gain and just pay the taxes and enjoy a lower cost of living in another state.

[@usernamena2324]

@@navigator487 there is a way if you're rolling the sale of the property to another property.

[@navigator487]

@@usernamena2324 Yeah, a 1031 exchange, but I think you have to rent it out for 2 years before selling it. And on the "upstream" purchase, there is some qualification (maybe you have to rent it out for 2 years as well) as well. I'm thinking I'm not going to want to spend 4 years of my life dealing with rentals, unless I'm familiar with the business or have managers. But you are right, a 1031 would do it, I just don't if it's practical.

[@stevepowers9152]

California want to cater to poor and migrants 😂😂😂😂

[@Anthony-dj4nd]

Stealing money

[@arcticredpanda4598]

How will the $200M collected be spent?

[@eddieg6436]

Los Angeles is an expensive city!! Not everyone can afford to live there! If you can’t make it there….MOVE to somewhere affordable!!! (I want a Lamborghini, but drive a Toyota!!). 🤔🤷🏼‍♂️🤔🤷🏼‍♂️

[@navigator487]

The land is finite and the city is full. Maybe these gov't types can tell people the truth; 5% (SWAG) of the people in LA need to pack their bags.

[@robsteal3887]

lol When will socialists ever learn...

[@pepposano4200]

Well yeah what were they expecting? Rich people to pay more just because they can? No thank you.

[@Agent77X]

Love that LA local politicians are putting the screws in high end real estate sales and rental property improvements now - tenants basically live in their unit for life now!😊

[@chrisaycock5965]

IF you built more housing you'd have less homeless people more tax revenue off homes less money spent on police, homeless assistance programs and probably more citizens with jobs to pay taxes into the system. Instead our state tries to offload the problem on everyone else by consistently making the state's inability to build more housing everyone else's problem by consistently coming up with more ways to tax people to try and get back on track. This is a slow moving train wreck going on 40+ years.

[@PP-yf4kl]

Let’s tax the people who took risks, worked hard, did the extra mile to get where they are and now they pay for it by taking care of bottom feeders who never did a damn thing in their lives. You can’t afford it MOVE there’s plenty of states that have cheaper housing why take it from people who worked for what they have. Hell use the already generated property tax to help them relocate to an another state. GTFO

[@stevepowers9152]

Bs

[@ty5967]

Need to raise the taxes. Need to have a tax for any property sales over $500,000 at 10% tax rate.

[@Dwn2Race]

Democrat Utopia…. Dying State…

[@narendrashah6665]

😂😂