A study from UCLA and Rand says it’s found a “causal link” that shows that the city’s real estate transfer tax, Measure ULA, has probably led to a decline in the construction of new apartments.
Released Friday, the study found a decrease in sales of property usually developed into multifamily projects. The study’s authors estimate that Measure ULA has resulted in at least 1,910 fewer units per year.
Because these projects are the main vehicle for the construction of the city’s income-restricted affordable housing, that segment of the market is affected as well, with the report estimating at least 168 fewer affordable units are being built per year. These are “conservative…