A new controversial “mansion tax” in Los Angeles is about to begin. forcing sellers to pay more than ever if their property sells for at least $5 million … and Barbara Corcoran think that’s a bad idea
We got the “Shark Tank” star and real estate mogul on Wednesday’s NYC Day and asked her about the ULA measures going into effect Saturday. and she told our photographer “Not good for the country”
The new law passed on ballots in November. Impose a 4% tax on homes sold for $5 million or more, and a 5.5% tax on properties sold for $10 million or more.
Barbara’s prediction is that the housing market will slow … with the rich opting for homes in cities and states with book-friendly tax laws. especially in the south
The way Barbara sees it…rich people or not, hate paying extra taxes on buying or selling a home. She said it made them feel like the government was taking advantage of them.
Remember, the selling point for tax-sponsored voters is that the money raised will fund affordable housing to alleviate L.A.’s unprecedented homelessness crisis. Some predictions say ‘Mansion Tax’ Will Make $1 Billion a Year
Barbara actually agrees with the sense of taxation — she says the rich have a duty to help the less fortunate — but she thinks it’s the wrong way to do it. Because it will ultimately lower LA’s tax base.
The loss of La La Land will benefit the rest of the country — the evacuation has begun. But Barbara says it’s going to get bigger and bigger now… and she has an idea of where the wealthy former Angeleno will land.