Watch: ‘Shark Tank’ Star Shreds New ‘Mansion Tax’, Reveals Where She Thinks the Rich Will Move

Death from taxes. That’s what could happen to Los Angeles if the wealthy flee or stay away from the city due to a “mansion tax.” Many will look to greener pastures — dollar green.

“Shark Tank” star Barbara Corcoran agrees. TMZ caught up with the real estate mogul in New York City. “People hate to pay taxes on entrances or exits to their homes,” she told the entertainment news outlet. “They feel like they’re hit upon, taken advantage of.”

Last November, voters passed Measure ULA, which levies a 4-percent tax on homes selling for $5 million or more. It also imposes a 5.5 percent tax on properties that sell for over $10 million, according to the New York Times. The tax goes into effect today — April Fool’s Day.

The monies garnered from the tax are supposed to fund affordable housing in L.A. and help to help alleviate the city’s homeless crisis, according to TMZ. The aptly nicknamed “mansion tax” is projected by some to bring in $1 billion annually. How will those projections be met if a slew of wealthy home seekers shies away from the city to avoid the tax? Nobody wants to be a prisoner in their own home.

Corcoran agrees. “The mansion tax is going to give people more motivation for not moving out or moving in.” Escaping L.A. will be tougher and tougher for the wealthy, and those wanting to avoid a self-imposed prison sentence due to a tax burden will avoid the city like the plague.

It’s not that Corcoran is against helping the homeless; just the opposite. She thinks an affordable housing fund is “more than fair” because “it’s the obligation of people with money to pay for people who don’t have money.”

“But a mansion tax is the wrong way to do this,” Corcoran continued, “it sends tax revenue out of the state. Nobody benefits in the end.” The housing market will be paralyzed and wealthy people will not look to L.A. for a home. They will look to cities and states with more favorable tax laws. Corcoran said she believes many will opt for southern states instead of paradise lost — California.

They should have seen it coming. Beware the ides of March. Last month, wealthy home sellers were cutting prices and making last-minute deals in L.A., trying to beat the clock and unload their properties before the mansion tax kicked in, according to the Times.