Yahoo Finance

Los Angeles 'mansion tax' measure faces appeal

The city of Los Angeles implemented a "mansion tax" in April of last year, imposing an additional levy on homes valued at $5 million or more. The goal was to use the generated revenue to fund efforts to combat the city's homelessness crisis. However, the mansion tax measure is now facing an appeal, as the projected revenue it was anticipated to generate has failed to meet its benchmarks. This shortfall can be attributed to the combination of high mortgage rates and the resulting hesitation from both homebuyers and sellers to participate in the market. Yahoo Finance's Rebecca Chen breaks down the details, providing insights into Chicago's failed mansion tax measure. For more expert insight and the latest market action, click here to watch this full episode of Wealth! This post was written by Angel Smith