New mansion tax in California drops the sale of mansions from 126 in March to 2 in April

WhatInThe

Well-known Member
A new mansion tax in Los Angeles, California has dropped the sales of mansion from 126 in March to 2 in April. There was a rush to close sales in March to beat the tax for many sellers. There is a 4% tax on sales of $5 million and over then a 5.5% tax on sales over $10 million.

It will probably take several months for the true impact of the tax to be known. They'll probably be lawsuits as well.

https://www.dailymail.co.uk/news/ar...home-sales-Just-TWO-homes-5-million-sold.html

The revenues were going to help the homeless.
 

A new mansion tax in Los Angeles, California has dropped the sales of mansion from 126 in March to 2 in April. There was a rush to close sales in March to beat the tax for many sellers. There is a 4% tax on sales of $5 million and over then a 5.5% tax on sales over $10 million.

It will probably take several months for the true impact of the tax to be known. They'll probably be lawsuits as well.

https://www.dailymail.co.uk/news/ar...home-sales-Just-TWO-homes-5-million-sold.html

The revenues were going to help the homeless.
Yeah, just like the lottery was supposed to fund schools and public work projects like road repairs, etc. According to statistica.com, in 2020 the government collected 26.93 billion dollars from lotteries. Yet parents still have to provide a long list of supplies for their kids every year when school starts. The schools can't even afford to provide pencils anymore.

And road repairs? That's a joke.
 
Yeah, just like the lottery was supposed to fund schools and public work projects like road repairs, etc.
I suspect lottery "profits" mostly go to support the lottery bureaucracy. Same will happen here.

I am always skeptical of taxes with some targeted purpose. Where do the "highway taxes" I pay on fuel that I use in a boat go?
 
I thought rich people had a $$$ Malibu beach home, a Beverely Hills $$$$ estate, and a $$$$ranch in Montana to live in, but apparently mansions area great investment- much better than stocks. Judge Judy has a bunch of estates. And I'm not sure how you do this, but buying and selling expensive property is a way to hide illegal proceeds. Some fancy Park Avenue, NYC apartments have never been lived in, but they keep getting sold to foreign owners looking to launder cash. How???? I wish I knew! Not many filthy rich Arabs want an acre near Pimple Hill, PA.
 
I agree, we never saw much good from the lottery money.

If people can afford these places, they can afford the tax. And to think, the likes of me, just wants a half way decent mobile home in a park.

People need housing, they don't need 10,000 square feet.
 
Good News! Soak the filthy rich! I love it! Yaaaaaaaaaaaaa!
Yes. And let’s start with. Bernie Sanders and Opera W. Then move on to the rest of the politicians, entertainers and athletes. They also own multiple homes that could be opened up to house the homeless.
 
Apparently doesn't bother some folks:

Jay-Z, Beyoncé Purchase Most Expensive Home Ever In California
19May2023 TMZ

Jay-Z and Beyoncé have just snagged one of the greatest architectural masterpieces in the country ... a 30,000-square-foot home in the prime area of Malibu ... and they paid a King's ransom.

Real estate sources tell TMZ ... the couple paid $200 million for the property, making it the most expensive home ever sold in the entire state of California ... eclipsing the previous record of $177 million. It's also the second most expensive real estate deal in the country -- the top being $238 million for an NYC apartment.

They actually got an unbelievable deal ... the home was quietly listed for a whopping $295 million. The house sits on an 8-acre bluff overlooking the Pacific Ocean in the Paradise Cove area ... AKA Billionaires' Row.
 
Apparently doesn't bother some folks:

Jay-Z, Beyoncé Purchase Most Expensive Home Ever In California
19May2023 TMZ

Jay-Z and Beyoncé have just snagged one of the greatest architectural masterpieces in the country ... a 30,000-square-foot home in the prime area of Malibu ... and they paid a King's ransom.

Real estate sources tell TMZ ... the couple paid $200 million for the property, making it the most expensive home ever sold in the entire state of California ... eclipsing the previous record of $177 million. It's also the second most expensive real estate deal in the country -- the top being $238 million for an NYC apartment.

They actually got an unbelievable deal ... the home was quietly listed for a whopping $295 million. The house sits on an 8-acre bluff overlooking the Pacific Ocean in the Paradise Cove area ... AKA Billionaires' Row.
I hope they have the courage of their convictions and open up some of their rooms to the homeless people in Southern California.
 
Is this lIke the luxury yacht tax that caused many people who serviced boats to lose their jobs when the rich folk moved their main docking port to other countries?

look. I don’t worry about the very wealthy. They can take care of themselves and do so. They are adept at influencing laws and the tax code so they tilt in their favor. But, most of the tax the rich stuff is just foolish virtue signaling that won’t do much good. A just and fair tax system is what is needed. Not some goofy tax idea thought up by people who can’t see much past their nose.
 
Apparently doesn't bother some folks:

Jay-Z, Beyoncé Purchase Most Expensive Home Ever In California
19May2023 TMZ

Jay-Z and Beyoncé have just snagged one of the greatest architectural masterpieces in the country ... a 30,000-square-foot home in the prime area of Malibu ... and they paid a King's ransom.

Real estate sources tell TMZ ... the couple paid $200 million for the property, making it the most expensive home ever sold in the entire state of California ... eclipsing the previous record of $177 million. It's also the second most expensive real estate deal in the country -- the top being $238 million for an NYC apartment.

They actually got an unbelievable deal ... the home was quietly listed for a whopping $295 million. The house sits on an 8-acre bluff overlooking the Pacific Ocean in the Paradise Cove area ... AKA Billionaires' Row.
I am not impressed. In this age of global warming and increasing homeless population, this "keeping up with the Jones" is outdated and obscene. Matter of fact what he (it is a "he?") is doing should be classified as criminal.
 


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