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California Landlords Are Charging $150,000 Per Month For Some Properties: 'I Feel Like Everybody's In Panic Mode Now'

Los Angeles mansion owners, once keen on selling their grand properties, are now grappling with a market that’s less than favorable for sales. The trend is particularly evident in the city’s most opulent areas, where the challenges are two-fold: a new tax on luxury sales and a turbulent entertainment industry. The “mansion tax,” officially known as Measure ULA, which went into effect on April 1, imposes a significant additional cost on the sale of high-value propertie...
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Source: yahoo.com

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Rich Los Angeles homeowners rent mansions for up to $150,000 per month amid turmoil

(ZEROHEDGE) – Wealthy Los Angeles homeowners are having a tough time selling amid a new tax on luxury sales, and turmoil in the entertainment industry. Rather than unloading their mansions in a sluggish market, many homeowners have resorted to renting them out, Bloomberg reports. Rob DeSantis, a serial entrepreneur who cofounded Ariba and was an…
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Source: wnd.com

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