Los Angeles turns to 'mansion tax' to try and solve its homelessness problem

(ZEROHEDGE) – Believe it or not, California thinks it has a solution to the homelessness problem that can be solved with additional taxation! Go figure.

A new measure in Los Angeles, called Measure ULA, is set to generate $900 million in taxes that will then be used for housing subsidies and tenant protections. The tax is essentially a levy on all property sales of more than $5 million, according to Bloomberg.

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This "mansion tax", if it passes, will look to "speed new construction and deliver a way out of the city’s spiraling homelessness crisis", according to Bloomberg. It could generate some $900 million per year to provide infrastructure like affordable homes and tools like counsel for tenants in eviction courts.

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