LA home sales tax: Voters to consider property tax on sales over $5M

This fall, LA city voters will decide whether to raise taxes on multi-million-dollar home sales. 

The city council approved ballot measure "House L.A." on Wednesday.

It will give voters the chance of adding a 4% tax on home sales worth between $5 million and $10 million.

Additionally, it would charge a 5.5% sales tax on home sales above $10 million.

That money would then be used to fund affordable housing and toward preventing homelessness in Los Angeles.

The measure will appear on the November ballot.