Corporate & Tax Partner Michael Wiener was quoted in CoStar News and discussed concerns regarding the new tax.

Excerpts:

The new tax "is definitely not black and white," according to Michael Wiener, a Los Angeles real estate attorney and partner of Greenberg Glusker. "There's a lack of guidance. It's challenging to give your clients the best advice."

Michael Wiener of Greenberg Glusker said he's seen the tax inconsistently applied in deals he's worked on with clients, adding the city of Los Angeles hasn't created more regulations around the tax that would help clarify some of its ambiguities.

"You have things going every which way," Wiener said.

Wiener expects the state ballot initiative to pass and to repeal the new levy.

"Hopefully come this time next year we're done discussing these ambiguities," Wiener said.

Resources

• CoStar News
• The Real Deal