PHOENIX PHIL
AH ambassador
California is truly F-up! Let's motivate illegal immigration by providing you a means to buy a house. While thousands of vets are homeless. Just brilliant.
California is close to approving a measure that would make illegal immigrants eligible for up to $150,000 in state-supported home loans for down payments.
Known as Measure ULA — for United to House LA — the ordinance marketed as a “mansion tax” will impose a 4% tax on property sales above $5 million, rising to 5.5% on sales above $10 million. So a $5-million sale would include a $200,000 tax, and a $10-million sale would include a $550,000 tax, which is typically paid by the seller.
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L.A.’s rich are already scheming ways to avoid new 'mansion tax'
Homeowners, developers and real estate agents are all bracing for the incoming mansion tax set to hit L.A. next year.www.latimes.com
Not to mention that the housing crisis in 2008 was brought about in part and made worse by writing sketchy home loans. Made worse further by the difficulty to foreclose on properties with loans in default. A brilliant example of not learning from history.