TMZ.com
Los Angeles’ controversial new “mansion tax” is about to kick in, forcing sellers to pay extra money than ever earlier than if their property sells for at the least $5 million … and Barbara Corcoran thinks it is a unhealthy thought.
We bought the “Shark Tank” star and actual property mogul Wednesday in NYC day and requested her about measure ULA, which matches into impact Saturday, and he or she informed our photog it is “not good for the country.”
The new legislation, which handed on the poll again in November, slaps a 4% tax on properties promoting for $5 million and up, and locations a 5.5% tax on properties promoting above $10 mil.
Barbara’s prediction is the housing market will gradual to a crawl … with wealthy folks selecting to purchase properties in cities and states with pleasant tax legal guidelines on the books, notably down south.
The manner Barbara sees it … folks, wealthy or not, hate paying further taxes for purchasing or promoting a home. She says it makes them really feel like the federal government’s benefiting from them.
Remember, the promoting level to voters who supported the tax was the cash raised would fund reasonably priced housing building to alleviate L.A.’s unprecedented homeless disaster. Some predictions say the “mansion tax” will usher in $1 billion yearly.
Barbara truly agrees with the sentiment of the tax — she says the rich have an obligation to assist folks much less lucky — however she thinks this tax is the incorrect approach to do it, as a result of finally it’ll cut back L.A.’s tax base.
La La Land’s loss might be a boon for different locations within the nation — that exodus had already began, however Barbara says it is gonna get even larger now … and he or she has an thought the place rich ex-Angelenos will land.
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