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Mott Smithat 0:00

It was called the mansion tax. They didn't read the 29 pages. Should we tax rich to pay for affordable housing? Yes or no? Well, yes. People are out there lying, saying it's created 10,000 jobs, which is absurd. When Measure ULA took effect, transaction volume in the city of Los Angeles above $5 million where Measure ULA works fell by 50%. Well, they projected would be up to a billion a year.

Mott Smithat 0:27

900,000 is all that's been spent on affordable housing. That has grave impacts to our economy that the people who drafted measure ULA did not fully account for.

Mott Smithat 18:24

…lot of money for these social goods like helping low-income people who need housing. And um that that's that's all well and good, but you know what Measure ULA did, which was kind of a a riff on what San Francisco did with their Prop C back in 2018, was they they kind of defined mansion very broadly as any property over $5 million. And so that means that instead of just taxing the rich guy who's buying a $5 million house, they're also taxing the small business person who's trying to build an apartment building…

Mott Smithat 19:18

had to sell it at a loss. that person is getting taxed under measure ULA because they they defined mansion very very broadly. And what what this has done was well first of all it it again the theory behind mansion taxes is we can take a consumer luxury good and tax it at no cost to society with great benefit to society. and they added in all of these investment properties, office buildings, apartment buildings, movie studios, manufacturing centers, even affordable housing that's not owned by nonprofits. Um, all of…