Sellers Offer Sports Cars to Attract Buyers Amid Los Angeles 'Mansion Tax'

Sellers of luxury homes in Los Angeles are offering extravagant freebies, including sports cars, to entice buyers before a new "mansion tax" takes effect on April 1. The tax will impose a 4% transfer tax on property sales over $5 million and a 5.5% tax on properties over $10 million. Funds collected from the tax will be put towards affordable housing projects and providing resources to tenants at risk of homelessness, according to city officials. Some agents believe there may be better solutions to fund low-income housing projects.