What is the impact of the LA mansion tax on California's market?
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- Опубліковано 4 кві 2023
- The Agency CEO Mauricio Umansky explains what the Los Angeles mansion tax will do to the California housing market on ‘The Bottom Line.’
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It starts as a tax on mansions and ends up being a tax on all homes. Just give it a few years.
they will just reclassify what is "a mansion"
@@sparkybuchta8717 anything with a powder room is a mansion --> anything with windows is a mansions --> any privately own plot of land
@@hby7768 yep. It’s coming. Once they feel that new cash come in. The govt always expands tax collections
Already are for those with good credit or a down payment.
Absolutely, this is actually how taxes were initially pitched to the masses. They were told that only the rich will be taxed and then eventually everybody got taxed.
They all voted for dems, what did they expect
Good triple it for the buyer and the seller, it's about time.
@@annan7728 Slight disagreement….. 1929 is coming back. This time, because of national debt, there is no buying our way out of what’s coming
@@annan7728 Correct. Fiat currency has nothing of real tangible value supporting it.
@@jeffreylinde4381 I'm all for the economy crashing and hard times returning for the USA. That's the only thing that has the potential to wake up the WOKE supporting the socialist Democrat agenda.
@@annan7728 True, but printing as much as they want means carrying around millions of dollars so you can buy a hot dog.
These celebrities crack me TF up & not in a good way. WTF did they expect? You get what you vote for. Period.
Those who voted them into office are not mansion owners.
Good triple it for the buyer and the seller, it's about time.
Many people in California like me is not even voting democratic and we voted for trump in 2020, stop thinking everyone in California is a socialist parasite you moron
As a Californian I can say they do not see it. The self righteousness has them voting as things crumble down around them. They move and bring their garbage voting habits as well.
I'm in LA. I NEVER vote for any type of new tax. It's all terrible.
With so much mail-in voter fraud in CA, a new tax proposal could lose but declared a winner the next day when vote are 'found'. Personally, I don't trust that Republican votes are not being shredded if it looks like they will win a seat or a proposition the State wants will lose.
GET TO HELICOPTER IF YOU WANT TO LIVE 🤡
@@jimf937 In California I believe it.
That’s a good rule of thumb!
then how did it get passed? By the people you voted in
I see an improved squatters market expanding in California.
💯😂😂😂😂😂😂💯👍👍👍👍👍
😂😂😂 absolutely
California keeps voting for these people. So they must like the taxes.
You will own nothing and be happy
Democrats thought that decriminalizing shoplifting was good, so there’s no way they’d ever think this was bad.
Good triple it for the buyer and the seller, it's about time.
Democrat idiots would vote for a doggie chew toy if they smell free money in it.
Transfer your house to a corporation owned by you, then sell the corp. The house is not being transferred, it's still owned by the same corp. Avoid mansion tax.
Orrrrrrrr, you could just get in your car (while you can still afford one) and drive right out of Kommiefornia!
@@davidkachel Agreed, however if you want to live in Kommiefornia and don't want to play their stupid games, this is how you win.
Problem with taxing the rich, there's just not enough of them.
Especially when those that introduces the law, are rich themselves. But don't follow the same standards as the rest of us.
Problem with taxing the rich….. they can afford to just take their money and leave.
Yep an they will work down the ladder. It's this tax on the blue collar rich, then when they move, then it will be the blue collar middle class so on n so on. We knew this was going to happen. Bidens oh no one making under 400k yeah yeah. Some believe the old fart. Now they just got a reality check.
Edit: no to now.
They still have 3.. but they already took all their money.
Then those who pop over the border
First a mansion tax, next it’ll be any home over 4 bedrooms…
Sold my 4 bdrm in 2020 and left that sh!t hole.
Then two bedrooms then any building
@@mustangracer5124 I should really do the same but I love the geography of California, can ski and golf all in the same day.
It’s $5 million. You sound like Joe the plumber.
Yes...tax my mansion...tax all 4 of them....
They're trying to prevent their cash cows from fleeing the insanity
up next: apartment tax, it always ends in evreryone in studio box with a bicycle trust me I'm doing it 😆
No waay
It will be interesting to see what the price limits will be in 5 years. My guess is just like everything else, more and more people will be paying this tax in the future. Just like AMT.
Governor Nusance is the gift that keeps on giving. 😂😂😂
Much like herpes. And this fool wants to be President.
And taking
I heard something about California's top 10% provide 90% of the states tax revenue.
These are the same people who own mansions in California.
If enough of them decide they want twice the house for half the price, in a state without the high crime, California has no state budget.
In that case I guess there won't be any money for reparations.
They are rich enough to afford these taxes. It's about time they paid their fair share.
Sale prices will decrease by and because of the "mansion" tax.
New Jersey has a Real Estate Transfer fee AND a "mansion tax" for sales over $1M.
California is an exception…international money will pour in. If there is a China collapse as some suspect much of that money will pour into a California more than it already is. Anyone would want the weather and being close to the beach and with such limited land anymore it’s a scarcity.
@@ApriliaRacer14 It is very hard to get 50k or more out of china right now. You dont know art youre talking about.
They are also restricting foreigner buyers on property in CA
People are moving out of California by the thousands due to the taxes and enormous costs Gavin Newscum has added. Newscum also is trying to get a tax where if you made your income in California and move out of state they are coming after you for a tax on your income over those years you lived in Calif. Newscum needs to go.
Hurts the moving companies too.
"I don't think they're thinking right now." I don't think they ever actually do.
Just another good reason to move out of the state the thing with rich people can afford to and will move look at all they lost when Musk went to texas. Taxes are also insane in general.
Hoping Elon Mush will move Twitter to Florida or Texas soon.
Thank you Sean!
multi millionaires trying to convince us a tax on multi millionaires is bad....
Good triple it for the buyer and the seller, it's about time. especially since for quality entertainment from play actors we have to go back to the 50s and earlier.
They gotta get that reparation money from somewhere lol
No effect just yet. Wait until we don't have a country anymore and the dollar's value goes really down. That's when all our homes, dilapidated or not, would be priced at 5M dollars. I saw this in the Philippines. In 1995, my grandma's house was 1M peso. In 2020, it is 35M peso. Yes, it is 700,000 dollars for a dilapidated house in a bad neighborhood. It is on only a 2,000 sq ft lot. Given that, US middle-income houses are cheap compared to 3rd world countries. But, soon they will become 5M dollars and we will get taxed bigtime. May God help us and our country.
@ L T That's strange as a three bedroom house in a decent area in Manila rents for $250 a month.
At least there’s new vending machines for free syringes
Quit spreading misinformation. Do you even live in CA?
I’m sure you know where they all are
All the sunshine and beaches in the world wouldn't make me want to live in CA.
But there are so many other things. Like:
Earthquakes
Drought
Floods
Homeless
Very high Taxes
A lot of personal control over your rights..
Wow. I still agree with you. Lol.
California and Oregon and Washington State should be allowed to secede from the Union.
Well you're not invited 😂
@@AtheistDictator then Craig is a lucky guy.
Real estate agents will end up getting crushed.
They are. I watched the latest season of million dollar listing Los Angeles and the agents are now going outside of LA County and even crossing state lines to do deals. Ordinarily they wouldn’t have done that 5 years ago but homelessness, trash, and crime are huge problems that’s affecting the way they do business if you can read between the lines. Maybe it will be the start of folks considering who they vote for next election.
Trying to keep the Rich from moving out!
Good, now hopefully less people will build mega mansions and cause the house prices to go out of control by less space available in LA county. Anyone who has been there know that it is overcrowded. Less supply of land has caused prices to soar
Well, they figured out how to get past Prop. 13. Also, to apartment dwellers and the homeless, most houses are mansions so this will trickle down to everyone.
Trickle down taxation.
"Escape From L.A." becomes a documentary. 🤔
Love it. Lol.
how about explaining the tax?
If I owned a mansion & wanted to move, I would just swap with another mansion owner. Pretty sure there are plenty to choose from. Then no one pays the mansion tax.
i like the hack
Welcome to Communism! No joke - In Cuba that's called "La Permuta" (of course, no one is swapping mansions, just crappy homes). There's no formal real estate market, so the permuta, is the only legal instrument created by the Cuban authorities to facilitate land and housing exchanges
@@mambi74 so basically no one owns anything, the govt just allows them to swap. I feel so bad for the people of that country. Hopefully that too will end soon.
that asset is useless if it isnt liquid
this guy might be biased since he makes his money from the sales of mansions
She went there with Scandoval....oh dear 😖
You CAST that seed; YOU PAY the expenses. We don't
issue credit any longer!!
Horrors!! Raising taxes on people who can afford to pay then!! Horrors!
🤣🤣🤣Newsome is running California into the ground🤣🤣🤣🤣
Watch this turn into a 99-year lease thing...
Time for people to sell their properties for a pittance and then rent it back for a tiny amount on a very long term
Better yet, sellers can rent out their homes for many thousands of dollars per month and seeing as many of them paid cash for their properties, they really don't need the immediate cash. Screw Newsome and his cronies.
They can afford it! problem is they wil I move to Florida an vote for the same people that run LA!
No more electronic voting.
Stop the insanity.
More money to flush down the toilet for the unaccountable Homeless Industrial Complex
Reap what you sew Cali.
Those houses look amazing.
CALIFORNIA GREED HAS NO LIMITS.
Ca just keeps getting nuttier
Use any equity to buy a house outside of CA (to make that your primary residence) and sell the CA house when interest rates come back down.
Got to be super rich or super poor to do well in LA😂😂😂
“And stay content “ the problem with rich people is greed. They’re never content.
@@jimf937 Spoken like a TRUE realist who knows that One doesn’t need 3 houses and 4 cars to feed the ego.
@@jimf937 materialism is bondage
@@jimf937 I agree with you in that. I also feel that I could be content but constantly striving for consumerism. It’s an endless 🔁 loop.
California is 22 billion in the red already and they haven't even paid their reparations yet🤣🤣🤣🤣🤣
Reporter just said the F word!!!! 😂 2:02
Talking to a realtor about the housing market is like talking to a loan shark about lending money. A lot of realtors are greedy, unscrupulous people!
do you go the your employer and say, you are paying me too much, I need to have a lower wage or a lower salary?
Lolol aww let's have a segment on feeling bad for multi millionaires with 10 million dollar homes having to pay a tax when they all benefited from the housing crash by being able to buy homes while others lost or while homelessness is through the roof and wages are stuck at 1979. I almost got teary eyed
how is this legal? taking money from one group while the majority of the voters are not held accountable for that financial burden?
Too much government!
Oh the poor rich people in CA. Who cares!!
Everything you earn is taxed…then anything you buy after being taxed, is taxed…if you make an investment with that already taxed money, no matter how risky, they tax anything you make but if you lose thats just your loss…then they take your tax money and give it away to people that dont earn and of course pay the salaries of the very people that tax and control the money they take from you. Now they have given too much out and need you to …you guessed it, pay more taxes. What do you think will happen if the population grows? You guessed it, taxes will need to increase until they take so much its not even worth working for it
Those mansion taxes are probably going to those luxury buildings for the homeless.
Let's all move into the Gettys!
They will find a way to tax the homeless if they can!
and to add, if they don't like it maybe they can payoff the politicians to change the laws so that we can have a more fair tax system.
"Time to repeal Prop 13" (as heard in Sacramento)
What by. costs ?
Kinda smells like the corporate tax cut stuff that (tax)
One party rule in LA thank your local democrat
California will Never solve the Homeless situation. Ever. They will keep giving them more easy ways to stay addicted to drugs. Just keep hanging out the drugs to them
reality
So, if we have hyperinflation, even a shack will go for millions.
Was Mario Mushroom in court..real question public needs to know
I hope it absolutely crushes the home market in the Peoples Republic of Kalifornia..
As so sad that a $5million house will be taxed. Lol
Awl la politishins will have to move two Florida fer shur...
A lot of rich folks moving across the country to Florida driving up housing cost there.
Oh well it is what California voted for. Rich people should love it.
Well maybe this tax will force them to vote different since they’ll have to stay put. Not only do they have a mansion tax but the legislatures are toying around with raising the state income tax from 13.3% to 16.8% and a wealth tax of 1% for individuals worth over $50 million. The problem with the wealth tax is that state an determine that the person is worth that even on unrealized income. They can be asset rich and cash poor. So these wealthy influencers, celebrities and businesspeople are gonna have to pay more attention to what is actually inside of the bills they are voting yes on and voting candidates in who can read the room economically. Stop voting for clout and read what’s going on in your city and state. Read the bills the legislation is passing. There’s no reason why they should be going to their wealth managers and real estate brokers surprised about mansion tax that has been proposed since last year. Look how the voters in Los Angeles messed up by not putting in Caruso in as mayor. If Californians were smart they would push Newsom and his colleagues out next election. I hope Caruso will consider running for governor because the state has a small window to change between now and 2030.
I just looked for 5 - 7 millions homes in la california. And most of them pay property taxes between 50k up to 100k every year insurance between 25k up to 50k or more yearly. This us without utilities. This is just stealing people. That's mean you don't own the house you pay rent for government 😅.
Hard to buy street drugs w/ digital dollars
Could Trigger A Higher Vacancy Rate leading to the Beverly Hills Homeless Homes !. Suppressing High end Home Sales Curbs Taxes for Lack of Sales . Do the People Who Write these Measures Consult With Economists Before they dip into the trough !,
Can't think of a legal better way to run off people with enough money to easily move....
Was that stately Wayne Manor?
You cannot tax Hollywood enough
love the mansion tax. hate the homeless.
If the rich leave California it’s game over.
How many in here can afford a mansion in LA? Lol
No incentive to better yourself at all. Why? So the state can take it all from you? No thanks.
Pray hard!
most people deserve this.
Hmm “less” people? You mean the sellers will be skinnier?
I think that tax should be 30% .....
It would be fair to promote Mauricio's The Agency, not Rodeo.
3:40 - ma'am, housing affordability from a job loss is likely where the homeless person's problems started!! Not everything is black and white.
CA Government will never have as much $$ as they want.
They voted for this?
the people that can afford these homes will jsut leave the state those people also pay the most taxes overall anyways thus the local goverments will loose lots of income tax revenue
I think it should be investigated in the past and present in terms of political impartiality and credibility whether ABC News was informed and deliberately withheld from the people the now-known state structures.
so if no one moves, no mansion taxes.
Right and those rich guys pay other taxes. This targets their wealth which is almost NEVER touched....this is such a good policy its unreal
Gotta pay for those SF Reparations somehow.
A tax on 0.01% of the LA housing market. Yeah, that's real significant ... if you can't do simple math.