The single cut that appears most merited, from a place where many billions of previous dollars have been sunk, is the $2 billion reduction for mass transit.
After a white-hot March, L.A.'s luxury real estate market ground to a halt in April when Measure ULA kicked in, leaving the city with less money than originally projected.
In the days before Los Angeles "mansion tax" took effect, the luxury market moved at hyperspeed. Prices were slashed, escrows were rushed and million-dollar deals were closed as panicked sellers