Editorial: By doubling down on ‘mansion tax,’ Los Angeles earns its fate

For a brief moment, the Los Angeles City Council attempted to do something reasonable about the punitive “mansion tax” that voters overwhelmingly approved in 2022. That measure imposed a 4% transfer tax on the sales of real estate priced between $5 million and $10 million and a whopping 5.5% for properties that sell above that.

There’s been plenty of time to see that Measure ULA has resulted in troubling unintended consequences. It not only has produced far less revenue than expected, but it has quashed apartment construction...