L.A.'s "Mansion Tax" Sparks Controversy Among the Rich.

California's new "mansion tax" on property sales or transfers over $5 million is causing a rush to sell, with realtors offering bonuses to agents who can bring in sales before the April 1st deadline. The tax is seen as another way to bash the rich in a state that is struggling to build affordable housing due to regulations that add at least 40% to the cost of building. The money raised from the tax is intended to build affordable housing for the homeless, but the state's track record on this front is poor, with a bond issue in 2016 only managing to finish around 4,000 units, some of which now cost $800,000.