Los Angeles recently celebrated a milestone that sounds impressive until you read the fine print: its mansion tax has now raised roughly $1 billion since voters approved it. Champagne all around, right? Well, maybe hold the cork. Because according to reporting, less than 1 percent of that money has actually gone toward affordable housing — the very reason voters were told this tax existed in the first place. And now California is considering a new “billionaire tax” on assets over $1 billion, which is already driving wealthy residents like Google founders Sergey Brin and Larry Page to prepare out-of-state moves.
