The tax money raised, which is expected to be around $672 million, will be used to increase the supply of affordable housing and homelessness prevention in Los Angeles|Marty B|CC BY-SA 2.0

Multi-million dollar Los Angeles mansions are listed at bargain prices as their owners rush to close sales before the city’s mansion tax kicks in from April 1.

For homes priced between $5 million and $10 million, sellers would need to pay the city 4% of the total sale price. Any transactions for $10 million or above will be taxed at 5.5%.

LA voters approved Measure ULA in November, which is a transfer tax on high-end property sales in the city.

The tax money raised—expected to be around $672 million—will be used to increase the supply of affordable housing and homelessness prevention in LA, which has more than 69,000 unhoused people as of 2022.

On a side note, the tax does not apply to Beverly Hills, where the ultra-rich live.