"LA's wealthy rush to sell homes ahead of mansion tax implementation"

Los Angeles' "mansion tax," Measure ULA, will go into effect on April 1, imposing a 4% tax on property sales above $5 million and a 5.5% tax on properties above $10 million. The goal is to bring in $1 billion annually to fund affordable housing for LA's homeless populations. Some wealthy sellers are getting creative, selling furniture, artwork, and cars to keep the cost of their homes down, while others are leaving LA altogether to avoid the taxes.