Daily Journal Publishes Two-Part Article by Mhare Mouradian, Brenda Radmacher, and Dana Treister on the Future of Measure ULA

Daily Journal (California) featured a two-part article by Mhare Mouradian, Brenda Radmacher, and Dana Treister: “Measure ULA survives, but reform isn’t over.” The series, published in September 2026, examines the continued impact of Los Angeles’ Measure ULA on real estate development, investment, financing, and transactions, as well as emerging state and local reform efforts that could reshape the tax’s future.

The authors explain that while the statewide ballot measure that posed the most direct threat to Measure ULA has been withdrawn, the debate has shifted toward targeted reforms, including potential transfer-tax caps and tax-relief programs for multifamily and mixed-use developments. The articles also explore ULA’s effects on project underwriting, housing production, transaction structuring, lending considerations, and development planning for stakeholders across the real estate industry.

The authors highlight the evolving policy landscape, noting:

“The next phase of the debate is likely to focus on targeted reform: potential state caps, local tax-credit programs, multifamily and mixed-use carveouts, and efforts to reduce the tax’s impact on housing production while preserving affordable housing revenue.”

The first part of the article is available here and the second can be read here.