L.A. voters weigh tax measures on property transfers and parks
On a day when the Los Angeles River was still brown and the Los Angeles River Park was still blue and a woman in a floral frock and a man decked out in a safari hat were sitting on a bench beneath an oak tree in Griffith Park, nearly 10,000 Angelenos went to the polls Tuesday to vote on a host of tax measures.
Among the ballot measures was a proposal to allow homeowners transferring their property to another person to use a home equity loan to pay for the cost of installing locks, air conditioning and landscaping.
Proposition L, which is sponsored by the Coalition for California’s Neighborhood Parks and California Housing and Economic Development Department, would allow homeowners transferring their property to another person to use a home equity loan to pay for the cost of installing locks, air conditioning and landscaping. (Photo: Courtesy of Coalition for California’s Neighborhood Parks)
Proposition L, which is sponsored by the Coalition for California’s Neighborhood Parks and California Housing and Economic Development Department, would allow homeowners transferring their property to another person to use a home equity loan to pay for the cost of installing locks, air conditioning and landscaping.
On Election Day in Los Angeles, voters returned an overwhelming yes vote for the parks and taxes measures, which all aim at improving neighborhoods around the city. But the results were also a rebuke for candidates who embraced the anti-tax rhetoric of the past several years without doing any serious research.
The result is a victory for the nonpartisan Tax Policy Center’s research on the matter, which shows a majority of Los Angeles voters believe homeowners can use a home equity loan to pay for those things. As it stands now, this kind of loan is off limits to homeowners who don’t already have a second mortgage or a home equity line of credit because lenders would take a big bite off the principal, forcing the borrower to tap into the equity they’ve built up.
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