"LA's Mansion Tax Sparks Drama and Slumping Sales in 'Selling Sunset'"

The new season of "Selling Sunset" showcases the drama surrounding Los Angeles' mansion tax, which imposes an additional 4% tax on homes sold for over $5 million and 5.5% on those over $10 million. While luxury real estate agents fear the tax will harm their business, housing advocates argue that it is a reasonable way to generate funds for affordable housing. However, critics point out that the tax may discourage the development of multi-family buildings, which could exacerbate the affordable housing crisis. The tax is expected to raise about $150 million this year, with the majority allocated to affordable housing projects in LA.