UCLA Housing Voice Ep. 110: The Measure ULA Episode with Jason Ward and Mott Smith (Incentives Series pt. 10)
Apr 1, 2026
Jason Ward, economist and RAND Housing Center director, and Mott Smith, real estate developer and civic entrepreneur, unpack Measure ULA and its ripple effects. They discuss how transfer taxes change developer incentives. They highlight declines in high‑value transactions, impacts on multifamily redevelopment, lost property tax growth, and possible policy fixes.
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St Vincent Alley As A Downtown LA Gem
- Mott Smith describes St. Vincent Alley in downtown LA as a hidden pre-war urban gem filled with Middle Eastern restaurants and jewelers.
- He praises its architecture, local eateries, backgammon players, and neighborhood charm as quintessential downtown discovery.
Pre-Implementation Rush Followed By Persistent Sales Decline
- LA saw a sharp spike in sales right before ULA implementation then a persistent ~40–50% drop after, not just a temporary hangover.
- Commonwealth title data shows the post-ULA trough remained well below baseline through 2025.
ULA Reduces Long Term Property Tax Growth
- Under California's Prop 13, suppressed transactions mean suppressed property tax growth because assessments reset only on sale.
- Mike and Mott estimate a multi-year compounding loss possibly reaching hundreds of millions in forgone property-tax growth.