L.A.'s Mansion Market: Bargains and Tax Avoidance

Millionaire homeowners in Los Angeles are rushing to sell their properties before the city's "mansion tax" goes into effect on April 1. The tax, known as Measure ULA, will impose a 4% tax on property sales above $5 million and a 5.5% tax on properties above $10 million. The tax must be paid by the seller and is aimed at generating revenue for affordable housing projects and homelessness prevention. Top brokers and real estate agents are offering deals to help their sellers close property transactions before the tax goes into effect. The tax has prompted a frantic sell-off among the city's upper echelon of homeowners.