#The Mansion Tax Effect: Luxury Home Sales Stall in Los Angeles
In early 2023, L.A.’s luxury real estate market experienced a boom as deals were closed before the April 1 implementation of Los Angeles’ Measure ULA, known as the “mansion tax.” In the first quarter, the number of $5 million-plus homes sold increased by 35 percent, with Brentwood, Pacific Palisades and Hancock Park proving particularly active. Before the tax…