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New Santa Monica Real Estate Tax Initiative

Real Estate Sale

Santa Monica voters should expect a Real Estate Transfer Tax initiative on their ballots this fall. If passed, it would raise the transfer tax rate from 0.6% to 5.6% for properties transferred at $8 million or more.
This tax will significantly impact both commercial and residential properties and their tenants.

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No New West Hollywood Vacancy Tax for Now

vacancy taxes

In a victory for property owners, West Hollywood will not be placing a vacancy tax measure on the November 2022 ballot. Instead, in a 3-2 vote on June 6th, the West Hollywood City Council decided to move the discussion of the ballot measure to March 2023.

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Eric Garcetti Nomination as Ambassador to India Slowly Advances

Eric Garcetti, Mayor, Ambassador to India

Los Angeles Mayor Eric Garcetti, who was selected by President Joe Biden as envoy to India, is finally expected to undergo nomination by the U.S. Senate. Concerning Los Angeles, this situation raises uncertainty about who would lead the city for the remainder of the year. This comes after Senator Chuck Grassley stated that he would …

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CEQA Reform Will Help the Housing Crisis

The balance between protecting the environment and addressing the mounting housing crisis becomes more difficult to manage as time goes by. The California Environmental Quality Act (CEQA) remains a controversial way to address both issues.

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Southern California Braces for More Unprecedented Water Cuts

california drought

After months of poor weather and climate, Southern California is set to experience some of the state’s worst water restrictions. Unfortunately, the region’s water supply isn’t expected to get better anytime soon. According to NOAA’s weekly report the US Drought Monitor, 93% of California is experiencing a severe drought. Additionally, 35% is currently in extreme …

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BOMA California Outlines State Legislative Priorities for CRE

state legislative priorities

Though businesses are well into a full post-COVID economy, commercial, industrial, and retail real estate organizations are all still facing a number of state legislative challenges this season. From development to other increased costs of operation, a number of policies can make a significant impact …

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