LA “Mansion Tax”

[DWC]

I’m sure THIS is what’s gonna fix the homeless situation. . Talk about opening a can of worms. Holy shit.

 

[Mandelon]

If the state is running a surplus aren't they already taxing us too much?

 

[jetboatperformance]

Everything free in this country is at the expense of someone who works for a living (paraphrase Lauren Bobert)

 

[LargeOrangeFont]

Homeless Industrial Complex in action.

 

[Jyruiz]

This will not fix the homeless problems in CA, just another way to rip off the taxpayer.

 

[mbrown2]

$5M is not a mega mansion in LA... maybe $35M-$50M+.....$5M is an upper middle class home .....which is between 2500 and 3500 sq ft in Hermosa Beach... LA is nuts...

 

[daytona man]

The homeless problem is never going to go away as long as they keep giving them everything and not doing anything to them when they do crimes !

 

[Taboma]

Since this was a City of Los Angeles proposition, it doesn't include many hi-rent "Hollywood" types in Malibu, or Beverly Hills, Santa Monica, many beach cities etc. Just LA City proper.

 

[sirbob]

Is that a one time pimp fee or is that the new annual base tax?

The 30mil + market won’t care the 5-20 mil market just got fucked

 

[mbrown2]

CA far an away spends more on homeless than any other state... $10.7B..... That is 1/3 the GDP of Honduras.... If you trend homeless spending in CA it has almost doubled the last 7-9 yrs...but the results suffer. LA county gets one of the biggest earmarks of homeless budget... There are people that are responsible for the homeless spending/programs that make over 150K a year.....When something like this gets so big and becomes a vacuum of funds it becomes a huge money grab and not advantageous to solve. These folks would be out of job and the kickbacks from spending 800k per person to house would go away...

Listen to Michael Schellenburger speak on the subject....he is kind of left but on this topic spot on...

 

[Mandelon]

Make homelessness illegal, that'll fix it!

 

[Yldboyz]

This will not fix the homeless problems in CA, just another way to rip off the taxpayer.

True, the homeless are here because that's what funding these programs. Then greedy hands dip into the cookie jar.

 

[Desert Whaler]

It'll pass . . . and it will eventually trickle down to ALL owned single family homes.
It won't go 'Up the Scale' cause they don't wanna tax the 'true rich'.
Even the clueless libs who rent next door to Me would vote for this . . . I can hear it now, "I think that's a great idea" !!!
I have reached a point in CA that nothing surprises Me.

 

[Go-Fly]

When you reward irresponsibility, you don't get less, you get more. Until you address addiction, inadequate education and total disregard of the laws by the citizens, this is what you get. Laws are cruel by nature because you just can't do whatever you want. When I'm asked what to do with the homeless problem, I say follow the law. There is a reason why you can't just take a shit on the sidewalk or set up a homestead in the city park. It's a no-brainer.

 

[Big B Hova]

I always joke with my kid. I see a homeless encampment and say "look, everyone's camping".

He replies " that's not camping, that's homeless people"

I asked "Whats the difference?"

He replies "Trash. You don't leave trash when you go camping"

Smart kid

 

[Meaney77]

What a crock of shit, tax the tax payer amd people who contibute to society only to accomaidate the lacky's who freeload amd incentivise more people to come and reap the benefits.

 

[J DUNN]

Is that a one time pimp fee or is that the new annual base tax?

The 30mil + market won’t care the 5-20 mil market just got fucked

5.5% on $30Mil is $1,650,000. You don't think their going to care about that? I get that there is exceptions but most people don't get or stay rich by NOT caring about $1.6Mil. Just my opinion......

 

[Englewood]

LMAO - All the lib Hollywood geeks won't mind im sure.

They are starting to eat their own.

 

[Uncle Dave]

More reason for money to exit.

Cant wait to see how the money actually gets spent.

Id bet it gets absorbed into the general fund like all other special taxes.

 

[Cole Trickle]

Sooner or later the mass younger population of CA is going to vote to eliminate Prop 13. The state is great if you don't have anything but they are literally doing everything they can to push the people paying the taxes out.....crazy

 

[Ziggy]

This will not fix the homeless problems in CA, just another way to rip off the taxpayer.

More reason for money to exit.

Cant wait to see how the money actually gets spent.

Id bet it gets absorbed into the general fund like all other special taxes.

Like the majority of new taxes they add, very little gets applied to what they sold the public on..

 

[DLC]

20 posts ….ok 21 posts

And nobody said ….

The weather is great!

You would think it’s boating season for missing that!!!

 

[DLC]

These people are going to Tax themselves right out of here!

The taxing won’t stop !!

 

[was thatguy]

 

[c_land]

The taxing will continue until morale improves!

 

[was thatguy]

Thank god it’s in LA.
Otherwise Gavin might actually have to pay his taxes on that mansion he gifted himself!

 

[Taboma]

The solution is simple and field tested at the beginning of our involvement in WWII. They were referred to as "Internment Camps".
Once collected off the streets and interred they would be offered choices.
Work the farms to produce the community's food, work to maintain the camp infrastructure, one incentive would be working towards being rejoined with the general populace.
If they don't work, they're provided more harsh choices, refuse those and you'll be separated from the community, facing imminent starvation and death.
Their Choice(s) and they will be held accountable for them all.

 

[LazyLavey]

Most LA libs will ignore it or act as if it doesn't affect them

 

[Tooms22]

My wife is a commercial real estate attorney at 200ish attorney firm... you guys are missing something.

This goes for ANY PROPERTY over $5 million. Commercial, residential, whatever... including apartments.

So these idiots will see rents and the price of goods/services rise.

 

[HB2Havasu]

Because we all know the true problem is that there are no homes to rent in Los Angeles, lol. Please ignore the fact that 90% of the Homeless are addicted to Drugs, Alcohol or both. 8% are Mentally Ill, with the other 2% being people who are actually down on their luck and need actual help in order to contribute to society again.

 

[Gonefishin5555]

Its not a tax on the profit its a tax on the transaction so if you buy a property for $10M and sell it for $11M a couple years later. You will pay $605K for this tax plus your real estate commission of about 500K now you just lost money by selling. Now if you sold it for $15m you pay 825K for the homeless and another $750K in commission and you pay about another $1.2M in income tax(35% fed/ca) so now your profit is only a little over $2M. So if you had to hold the property 10 years to get this your return would be 2% a year after taxes. Might as well just give it to the government now.

 

[Tooms22]

Its not a tax on the profit its a tax on the transaction so if you buy a property for $10M and sell it for $11M a couple years later. You will pay $605K for this tax plus your real estate commission of about 500K now you just lost money by selling. Now if you sold it for $15m you pay 825K for the homeless and another $750K in commission and you pay about another $1.2M in income tax(35% fed/ca) so now your profit is only a little over $2M. So if you had to hold the property 10 years to get this your return would be 2% a year after taxes. Might as well just give it to the government now.

This. This is the example.

I heard a current situation where a business bought an apartment building. It was full of squatters and non-paying tenants from COVID times. Courts, police, and sheriffs didn't care to get the evictions processed. There was some eventual convincing of law enforcement, which only led to the squatters being forced out. Non-paying tenants are still there.

Now with the mansion tax, the business will lose money if they sell. The only option may be to turn it over to the bank.

 

[TCHB]

The homeless problem is never going to go away as long as they keep giving them everything and not doing anything to them when they do crimes !

I think most of these people are into drugs.

 

[stokerwhore]

20 posts ….ok 21 posts

And nobody said ….

The weather is great!

You would think it’s boating season for missing that!!!

dammit i thought i had that lol

 

[retaocleg]

you can never tax your way out of a spending problem.........ask the romans

 

[K-DOG]

We need to take all the $ currently spent and instead use it to build large homeless hotel facilities similar to large detention facilities. Then make it illegal to live and sleep on the streets. If someone is found sleeping on the street they are picked up and taken to these hotel facilities where they get free shelter, free food, job training and assistance, medical and substance abuse treatment, etc. They can stay as long as they want but they are free to leave at any time. If they are found living on the street again, they are picked up and brought back. It sucks that our hard earned money is taxed and used for this but if we are going to fund and allow homelessness, we might as well do it this way so the homeless are not out in public and impacting the regular citizens.

 

[bonesfab]

Just enforce the laws already on the books. I do believe we need to go back to if you don't own property, you don't get the right to vote. All these dregs on society need to go off themselves so we can get this shithole cleaned up. And that includes most of the politicians as well.

 

[DWC]

We need to take all the $ currently spent and instead use it to build large homeless hotel facilities similar to large detention facilities. Then make it illegal to live and sleep on the streets. If someone is found sleeping on the street they are picked up and taken to these hotel facilities where they get free shelter, free food, job training and assistance, medical and substance abuse treatment, etc. They can stay as long as they want but they are free to leave at any time. If they are found living on the street again, they are picked up and brought back. It sucks that our hard earned money is taxed and used for this but if we are going to fund and allow homelessness, we might as well do it this way so the homeless are not out in public and impacting the regular citizens.

Think i know the perfect spot.

 

[sirbob]

5.5% on $30Mil is $1,650,000. You don't think their going to care about that? I get that there is exceptions but most people don't get or stay rich by NOT caring about $1.6Mil. Just my opinion......

I didn’t say everybody is going to be ok with it.

What I said was - The 30mil + “market” won’t care.

In other words I don’t think it will affect the rate of sale.

Unlike the lower end of that market - it could be the difference of somebody affording a house or not when you add the vig.

IMHO

 

[J DUNN]

I didn’t say everybody is going to be ok with it.

What I said was - The 30mil + “market” won’t care.

In other words I don’t think it will affect the rate of sale.

Unlike the lower end of that market - it could be the difference of somebody affording a house or not when you add the vig.

IMHO

Right, that's why I used the $30mil example, to reference the same "market" you're referencing. I didn't say "everybody" would be not okay with it, I too was referring to the market group you and I referenced, $30mil plus. And I used you word care, "You don't think they're going to care...."

I just think the $30mil plus group will care about $1.6mil.

I guess we could both agree that the tax is stupid, useless and will be completely mismanaged........?

 

[sirbob]

OK

Fine they all will care / some will care...


However, I don't think the number of sales or the time on market will be effected.

In other words the market won't care.

 

[Boat 405]

If the state is running a surplus aren't they already taxing us too much?

They already smoked through that surplus, they are back in the hole...

 

[Boat 405]

They do not have a taxation problem. They have spending problem. Regardless of how much they tax, they will alway spend more than they have.

 

[HALLETT BOY]

The sad fact is that this tax and many other taxes like gas , homeless , mansion etc , all goes directly into the general fund which pays their salaries and pensions . Another tax that we don’t hear much about is the cap and trade tax , a huge pot of gold for you guessed it , the general fund .

 

[propcheck]

The solution is simple and field tested at the beginning of our involvement in WWII. They were referred to as "Internment Camps".
Once collected off the streets and interred they would be offered choices.
Work the farms to produce the community's food, work to maintain the camp infrastructure, one incentive would be working towards being rejoined with the general populace.
If they don't work, they're provided more harsh choices, refuse those and you'll be separated from the community, facing imminent starvation and death.
Their Choice(s) and they will be held accountable for them all.

Yes except the difference is internment camps took hard working Japanese Americans and placed them in these camps while the government stole their homes,businesses and farms in the name of national defense and protection of the country from it citizens.
I think you are actually advocating more of Hitlers model of concentration camps where you can pick and choose who you believe to be of value to a society and eliminate those who are not.
personally I feel both are wrong at all levels but to each their own

 

[bonesfab]

Think i know the perfect spot.

View attachment 1178761

The tweakers would have all those scrapped in about a week. Maybe less if they have a fix in between.

 

[brgrcru]

Fuck the homeless
As far as I’m concerned the plague could kill them all .

 

[Roosky01]

It will end up being imposed on every home sale in the future at some point regardless of the price.

You know I'm right.....right?

 

[DLC]

So the way I see this….

Corporation‘s will hold the individual title to each property and other BIG business Corporation’s will buy the “ business “ NOT the actual properties but the corporation that would still own the property, so as not to make an actual change if ownership….
Not sure if I typed that correctly…

There has to be a work around - to AVOID the reach around…..

although when you get into that High dollar properties it’s all business and not a I love the location and wallpaper, carpeting deal

this is only the beginning of the tax take over!!
While this isn’t actually Gavin, I believe he would be totally On Board with the tax ! Just look at the FUEL windfall profits tax …. Like gas prices are going to get reduced Because of a taxable transaction…..

ahhh nope !

 

[DWC]

It will end up being imposed on every home sale in the future at some point regardless of the price.

You know I'm right.....right?

You’re 100% right. It’ll be across the state in no time. This is the test run to see if it passes the voter and legal sniff tests.