LOS ANGELES, CA - In the coming weeks, Los Angelenos will vote on a ballot measure to hike taxes on the sale of multimillion dollar properties, with the expected near-billion dollars in annual revenue going towards addressing the housing crisis in the second-largest city in America.
The initiative has been strongly opposed by real estate interests — from huge corporate landlords to realtor lobbying groups and pro-business groups — who have so far poured more than $5 million into efforts to defeat the measure.
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