Mansion Tax Battle Ends in Twist

Real Estate News Today | 2 Min News | The Daily News Now! · Jun 28, 2026 · 1m

California’s high-profile mansion tax, a major revenue source for affordable housing, narrowly avoided being repealed after a last-minute political twist. Developers and investors who backed a ballot measure to kill the tax were blindsided when lawmakers instead pushed a different statewide initiative—raising the threshold for local taxes to a two-thirds majority. The original effort, described as a “Game of Thrones” collapse by insiders, fizzled without achieving its goal. But the fight isn’t over: L.A. voters may still see local reforms, including capping transfer taxes at 1.5% or exempting…