The newly introduced Los Angeles mansion tax has frozen luxury home sales with just two properties above $5million sold in April which is down from 126 in March.
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