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Sources:
1. https://www.nbcnews.com/news/us-news/17-l-gangs-involved-follow-home-robberies-target-people-alone-police-s-rcna24280
2. https://www.curbed.com/2023/03/mansion-tax-los-angeles-april-1.html
3. https://www.evict123.com/_files/ugd/978053_e072738fbd304d36a13b4e3fad5ebb2b.pdf
Los Angeles has a new ULA tax that will become law next week where there will be a 4% tax on real estate transactions between $5,000,000 and $9,999,999 and anything above that there will be a 5.5% tax. When we look at the cost of sale including agent fees, transfer taxes, escrow and more we will see a total cost of between 11% and 13% just to sell your property. As that is happening, income taxes are continuing to rise and crime is rampant.
Meanwhile, there could be some new changes and provisions that could be taking place in the near future that could make things challenging for business owners and entrepreneurs.
Not to mention, there is still an ongoing eviction moratorium that is set to expire March 31st, 2023. Will this eviction moratorium be extended or will they let it expire? My bet is there will be a lot of uncertainty and a lot of fear when it comes to starting a business in Los Angeles or becoming a property owner in Los Angeles.