From April 2022 to March 2023, the year before Measure ULA hit, L.A. had 366 single-family home sales of $5 million or more. In the 12 months since, there were just 166 — a drop of roughly 68%.

Luxury sales in nearby cities have slowed, but not nearly at the same rate, according to data from the Multiple Listing Service.

In Beverly Hills, single-family sales dropped 24%.

In Santa Monica, single-family sales dropped 29%.

In Malibu, single-family sales dropped 28%.

"My clients are leaving L.A.," said Jason Oppenheim, a luxury real estate agent who stars in the real estate reality show "Selling Sunset." "We can't keep pushing the wealthy out of our city."

Oppenheim and his team spent much of the seventh season of the show speaking out against the tax, which they claim pushes prospective buyers out of L.A. and into other affluent areas.

"This tax has not had the effect that was promised, and it's time for everyone to put aside their egos and realize this was a mistake," Oppenheim said.

The drop-off comes from a few different factors. Many luxury homeowners moved to sell their properties last spring before the tax took effect, including celebrities such as Mark Wahlberg and Brad Pitt.

Others explored loopholes to avoid paying the tax, such as splitting properties into multiple parts and selling them separately to stay under the $5-million mark.

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