California CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
LA Approves 20,000 Housing Units in 2017
Los Angeles’ planning department approved 19,856 new residential units so far this year. That includes nearly 7,400 homes, apartments and condos between July and September. Roughly 95% of units approved in Q3 2017 will be market-rate housing.
The city believes those numbers are in line with Mayor Eric Garcetti’s goal of hitting 100,000 new units by 2021.
A planned linkage fee is working its way through the city’s legislative process. It proposes to charge developers up to $15-per-square-foot to fund new affordable construction. Development is also being encouraged around transit stations, as part of the Transit Oriented Communities program.
Meanwhile, the California Association of Realtors reports California’s housing affordability hit a 10-year low, as tight housing inventory drove home prices higher and reduced purchasing power for homebuyers in the third quarter, primarily in previously more affordable regions such as the Inland Empire and Central Valley.
The percentage of home buyers who could afford to purchase a median-priced, existing single-family home in California in Q3 2017 fell to 28%.
For comments, questions or concerns, please contact Dennis Kaiser
