UCLA has released its report, The Unintended Consequences of Measure ULA, highlighting the significant negative impact Measure ULA has had on Los Angeles' commercial real estate market. Since its enactment, high-value property transactions have declined sharply, with non-single-family sales—including commercial, industrial, and multifamily properties—falling by 30–50%.

This slowdown in property turnover threatens L.A.’s ability to revitalize struggling commercial and industrial areas, develop new housing, and sustain strong property tax revenues. By discouraging sales of higher-priced properties, the measure disrupts economic activity and undermines both housing affordability and the city’s long-term fiscal health.

Measure ULA (United to House L.A.) is a real estate transfer tax approved by voters in November 2022 and implemented in April 2023. It imposes a 4% tax on property sales between $5 million and $10 million and a 5.5% tax on sales exceeding $10 million, applied on top of existing transfer taxes and paid by the seller.

CBPA was a co-chair of the No on Measure ULA campaign. The measure passed with 58% of the vote, using the Upland Loophole to avoid the two-thirds threshold typically required for new taxes.

UCLA’s findings align with a recent study by BOMA International, reinforcing concerns about Measure ULA’s economic consequences. We remain committed to efforts aimed at reversing this transfer tax and preventing similar policies in other jurisdictions.