FOX BUSINESS' Stuart Varney criticized California's 'mansion tax' designed to reduce housing costs for the homeless arguing the bill has pushed homebuyers to sell.
Varney & Co. host Stuart Varney discusses California's new property tax designed to raise money to build affordable housing." host Stuart Varney discussed the impact of California's "mansion tax" on property sales or transfers over $5 million, arguing the bill is triggering a "rush to sell" and is another way to bash the rich in a state incapable of getting almost anything done.In Los Angeles, if you have a $5 million home that you want to sell. Hurry up.
Not just on houses, but commercial property and multifamily housing. On sales over $5 million, it's a 4% tax, $10 million, 5.5%.
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