(LOS ANGELES, CA) – On 01/27, the Los Angeles City Council voted to refer Councilmember Nithya Raman’s motion to amend Measure ULA to the Housing and Homelessness Committee for a hearing and more public input. Raman's motion sought to amend Measure ULA through a ballot measure for the June 2026 primary. Councilmember Raman argued that her motion was both defensive and corrective. She cited statewide and local threats to ULA’s revenues and proposed changes to the so-called "mansion tax," including a 15-year exemption for new commercial, multifamily and mixed-use construction. Her measure also included a one-time exemption for Palisades fire victims and technical fixes to speed deployment of funds, and she also acknowledged ULA’s damaging impact on development activity and permitting. Why does a 15-year exemption for new commercial, multifamily and mixed-use construction matter? The proposed 15-year exemption (tied to certificate of occupancy) could materially reduce ULA exposure on transfers of qualifying new commercial, multifamily and mixed-use projects during that window, depending on final definitions. In addition, the exemption could help restore financing certainty, and unlock development and reinvestment that has slowed under the current ULA structure. For Our Members to Consider:
- If you wish to stay informed as this ULA reform measure moves through Committee, reply “YES” and the NAIOP SoCal Legislative Affairs team will include you on subsequent updates and potential action alerts relative to ULA.
- If Measure ULA has affected a transaction or project economics (e.g., pricing, recap timing, feasibility, capital allocation), please reply with 2 to 3 sentences so that we can ground public comment and policy recommendations.
If you would like to have additional information, please contact Government Relations Manager Mihran Toumajan, mtoumajan@naiopsocal.org. Next Steps: NAIOP SoCal will engage directly with Housing and Homelessness Committee Chair Raman, and Committee members Tim McCosker, Bob Blumenfield, Heather Hutt and Vice Chair Ysabel Jurado. NAIOP SoCal will also participate in the Committee process by preparing public comment and policy recommendations aligned with the interests of our membership. We will certainly keep our Members posted on new developments regarding ULA. |
