Measure ULA, commonly known as the “mansion tax” went into effect in L.A. County over two years ago. … While its supporters promised it would raise tens of millions of dollars in revenues … to be put toward affordable housing, it hasn’t quite worked out that way. Economists at UC Irvine looked at the first two years of the mansion tax and found it had some significant unintended consequences … “After it took effect, people basically stopped selling certain types of property, in particular, commercial property, so the number of transactions fell by a lot. Overall, there’s something like a 50% decline in transaction volumes,” says Jack Liebersohn, UC Irvine assistant professor of economics. [Story starts at 21:15]

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