'Everyone's trying to close' ahead of LA 'mansion tax': Million Dollar Listing's Josh Altman
Los Angeles's "mansion tax" goes into effect on Saturday, April 1st. The new rule will impose a 4% transfer tax on home sales over $5 million and a 5.5% tax on properties over $10 million. Josh Altman, "Million Dollar Listing Los Angeles" star and co-founder of The Altman Brothers joined Yahoo Finance to discuss how the new tax is impacting his business.
"I'd be doing a lot better right now if this tax didn't go through," Altman told Yahoo Finance. He went on to explain that the last 72 hours were difficult as home owners attempted to sell ahead of April 1st, "I have seen more deals get done...in the month of March than I've seen in my 20 years of being in some aspect of real estate."
Watch the full interview with Seana Smith and Dave Briggs here.
Key video moments:
00:00:02 Josh reacts to "mansion tax"
00:00:10 On number of deals in March
00:00:30 On the deals going through