#1,825 - LA enacts new absurdly high real estate sales tax - here's how the rich are avoiding it
News For Reasonable People
English - July 31, 2023 10:00 - 19 minutes - 13.8 MB - ★★★★★ - 7 ratingsInvesting Business Entrepreneurship san francisco trending news protests defund the police antifa blm seattle conservative republican journalism Homepage Download Apple Podcasts Google Podcasts Overcast Castro Pocket Casts RSS feed
What if the key to solving Los Angeles' notorious homelessness crisis was found in the city's sprawling mansions and lofty penthouses? Welcome to this fascinating discussion about LA's innovative approach to tackling homelessness - the new mansion tax. This episode delves into the substantial effect this tax has had on the city's commercial and residential real estate transactions. We uncover the crafty strategies the wealthy have employed to dodge this tax - from hastily conducted high-end real estate sales before the tax took effect, to throwing in free luxury cars with the sale, and even cleverly listing their homes at a price just shy of the law's threshold.
Will a 4% tax on properties listed between $5 million and $10 million, and a 5.5% tax above that price help alleviate LA's housing crisis, or simply drive the rich away? Brace yourself as we take you on a deep dive into the new mansion tax's impact on the LA real estate market. We expose the hard-hitting effects on LA's wealthy population and the potential long-term ramifications of this controversial approach. With a lively mix of real estate expertise and a dash of humor, we make the complex world of mansion tax comprehensible for homeowners and real estate enthusiasts alike. Tune in and get clued-in on the latest in LA's real estate saga.
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