Last November, Los Angeles voters approved Measure ULA, which is forecasted to generate $600 million to $1.1 billion annually to fund housing for lower-income households and stronger tenant protections. The source of funds is a tax on property sales: 4% on properties worth between $5 and $10 million, and 5.5% on properties worth above $10 million. Supporters have thus labeled Measure ULA the “mansion tax”, suggesting that it will fall primarily on the wealthiest homeowners.