LA City Council committee sidelines ballot measure to cut ‘mansion tax’ rate

A Los Angeles City Council committee voted to shelve a proposed ballot measure that would have cut the 'mansion tax' rate for multifamily and mixed-use properties from 5.5% to 2-3.5%. Instead, the committee advanced a narrower pilot program to reduce the tax for newly built affordable housing. The decision avoids voter approval for the broader tax cut but leaves open the possibility of a separate proposal to repeal the tax entirely.