Los Angeles’ controversial new “mansion tax” is about to kick in, forcing sellers to pay more cash than ever earlier than if their property sells for at the very least $5 million … and Barbara Corcoran thinks it is a unhealthy thought.

We obtained the “Shark Tank” star and actual property mogul Wednesday in NYC day and requested her about measure ULA, which works into impact Saturday, and she or he informed our photog it is “not good for the nation.”

The brand new legislation, which handed on the poll again in November, slaps a 4% tax on houses promoting for $5 million and up, and locations a 5.5% tax on properties promoting above $10 mil.

Barbara’s prediction is the housing market will sluggish to a crawl … with wealthy folks selecting to purchase houses in cities and states with pleasant tax legal guidelines on the books, notably down south.

The way in which Barbara sees it … folks, wealthy or not, hate paying further taxes for getting or promoting a home. She says it makes them really feel like the federal government’s profiting from them.

Bear in mind, the promoting level to voters who supported the tax was the cash raised would fund reasonably priced housing building to alleviate L.A.’s unprecedented homeless disaster. Some predictions say the “mansion tax” will usher in $1 billion yearly.

Barbara truly agrees with the sentiment of the tax — she says the rich have an obligation to assist folks much less lucky — however she thinks this tax is the improper method to do it, as a result of in the end it is going to scale back L.A.’s tax base.