Los Angeles Mayor Karen Bass Proposes $360 Million Affordable Housing Initiative Using 'Mansion Tax' Funds
Los Angeles Mayor Karen Bass, alongside City Councilmember Ysabel Jurado, has proposed a $360 million allocation to support affordable housing projects in the city. This funding, pending City Council approval, aims to finance 80 projects, which include the construction of 1,528 new units and the repair of over 2,500 existing affordable units. The initiative is primarily funded by the United to House L.A. tax, commonly known as the 'mansion tax,' which imposes a 4% tax on property sales between $5.3 million and $10.6 million, and a 5.5% tax on sales above that threshold. Since its implementation in 2022, the tax has generated over $1.1 billion, although much of it has remained unspent due to legal uncertainties. The proposal also includes a $14 million investment in an Emergency Income Support Program, designed to assist rent-burdened households. 
