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Ben Affleck and Jennifer Lopez Could Lose Millions if Home Search Fails

Newsweek 3/29/2023 Jamie Burton

Jennifer Lopez and Ben Affleck, pictured together at the "Air" world premiere on March 27, 2023, are reportedly on the hunt for a Los Angeles home as the impending Measure ULA comes into effect, raising taxes on the sales of mansions.

© Axelle/Bauer-Griffin / Paul Harris/FilmMagic / Getty Images Jennifer Lopez and Ben Affleck, pictured together at the "Air" world premiere on March 27, 2023, are reportedly on the hunt for a Los Angeles home as the impending Measure ULA comes into effect, raising taxes on the sales of mansions.

Ben Affleck and Jennifer Lopez are reportedly on the hunt for a new house—and if they don't find a place soon, they could end up losing millions of dollars.

A new Los Angeles "mansion tax" comes into effect in the city on April 1, which will see a higher tax rate imposed on anyone selling properties for more than $5 million.

Affleck and Lopez have fallen out of escrow on another house in the Los Angeles area, and in a few days time, their quest to move house may prove more complicated once the new tax, the United to House L.A. measure (Measure ULA), is implemented.

Approved in November 2022, Measure ULA aims to tackle Los Angeles' homelessness problem by raising $1 billion via taxing those who sell houses worth more than $5 million.

TMZ sources suggest the couple, also known as "Bennifer," were due to buy a $64 million mansion in Pacific Palisades, Los Angeles, but have since dropped out of escrow. It comes after the pair were reportedly set to buy a $55 million Bel-Air estate last April, and another Pacific Palisades mansion worth $34.5 million last month.

The Measure ULA tax will impose a 4 percent tax on property sales above $5 million, and a 5.5 percent tax on sales above $10 million.

The new tax implications may not directly affect Bennifer, as they appear to be hunting for houses outside of the city of Los Angeles where the tax is set to affect, but it could have a knock-on effect to the wider property market in the L.A. area.

Affleck and Lopez aren't the only ones on the move in California, as the likes of Jim Carrey, Britney Spears and Kylie Jenner have all put their properties up on the market in recent months, as the impending tax implications draw nearer.

Carrey's 12,700 square-foot Los Angeles home is up for $29 million, according to Ideal Home, Spears and new husband Sam Asghari have put their 11,650 square-foot Calabasas home up for $12 million, according to the Daily Mail, while Jenner and Travis Scott have put their Beverly Hills home up for $33 million, writes Vogue.

Mark Wahlberg appears to be already feeling the pinch after drastically dropping the asking price in an attempt to sell his property. According to The Independent, his 30,500 square-foot Beverly Hills mansion was first put on the market for $87.5 million last year before Measure ULA was passed. In November the asking price dropped to $79.5 million, and finally sold in February.

Real estate agent and TV personality Josh Altman told The Telegraph that because of Measure ULA, he's "seeing deals get done that should never have [been] done."

Another celebrity seemingly feeling the pinch is celebrity tattoo artist Kat Von D, who has sold her L.A. mansion for half the original listed price. The 13-bedroom Hollywood home was featured in the movie Cheaper By the Dozen, and was listed for $15 million in January 2022. It sold in March 2023 for $7.75 million, according to TMZ.