California lawmakers published a bill late Tuesday that seeks to put new guardrails on Measure ULA, the city of Los Angeles real estate tax that has become a topic of fierce debate among economists in recent months.

To address concerns the tax is driving developers away at a time when the city needs to boost housing production significantly, the bill would slash tax rates for some newly built apartment buildings.

Since April 2023, the voter-approved measure has levied a tax on the sale of properties worth $5 million or more. The city uses the revenue to fund various housing affordability efforts such as rent relief programs, eviction defense and construction of income-restricted apartments.

But the city’s so-called “mansion tax” isn’t limited to celebrity estates in the

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