The Effects of the Measure ULA (United to House LA) Transfer Tax on Economic Development and Municipal Finances in Los Angeles

Measure ULA has raised $1.2 billion for affordable housing and tenant assistance but has reduced high-value real estate sales by 31% and housing production by over 9,000 new units through early 2026. Forgone revenue to Los Angeles and associated agencies totals $452 million. Targeted reform could generate $823 million in municipal revenue over 10 years, produce 19,000 new housing units, and preserve 72% of current ULA revenue.