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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 19:18

…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 that now is in this bucket and it's getting taxed at between four and five and a half%.

Mott Smithat 20:00

…the mansion tax. Nobody read all 29 pages before deciding to vote yes or not. They just they just said, "Should we tax the rich rich to pay for affordable housing?" Yes or no? Well, yes, obviously. Yeah. And um unfortunately, because Measure ULA uh is so so tightly crafted, it can't really be fixed by the city council of Los Angeles. Um now, I I I I should say what what needs to be fixed about it. Yeah. Um you Okay.