The so-called mansion tax in Los Angeles collected 215-million-dollars in revenue in its first year. The money, which goes toward affordable housing, is far short of what was expected when the measure appeared on the ballot in 2022.

Measure ULA, also known as the “mansion tax,” imposes an extra tax on home sales of at least five-million-dollars. Supporters said it would raise between 600-million and one-point-one-billion-dollars in extra revenue per year. 

Opponents have been vocal in their complaints that the tax was counterproductive, so far, they’ve been correct.