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A Billion Dollars Later, Now What?

January 21, 2026 by Bill Bourbonnais

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.

Filed Under: taxes Tagged With: AffordableHousingCrisis, BillionaireTax, CaliforniaTax, FinancialStrategy, IRSReality, LosAngelesRealEstate, MansionTax, SmartTaxPlanning, TaxStrategy, TaxTrust

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