Construction Down Rent Up

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USA, California, Venice Beach, aerial view of Venice Canals

3:30pm

U.S. Census Bureau data shows that permits for housing construction in the Los Angeles metropolitan area declined in 2016 for the first time in six years. The drop is the first since 2009, when the recession slowed new housing units to 7,281.

KPCC Radio reported housing units permitted in the region, including Long Beach and Anaheim, totaled 32,008 last year, compared to 34,034 in 2015. Reflecting a 6 percent drop.

A 2014 study by UCLA concluded that Los Angeles is the most unaffordable
rental market in the country. Something anyone renting in Venice would agree with. One of the culprits, city-wide, is a lack of available units, as the city’s growth over the last several decades has outpaced construction.lso contributing to the high rental market is that much of the new

Also contributing to the high rental market is that much of the new
housing units being built in Los Angeles are expensive high-rises in the
downtown area.Most of the housing stock is being built at the highest income strata.

“Most of the housing stock is being built at the highest income strata.
So it’s not like we’re building affordable units,” Paul Habibi, a developer
who lectures on real estate at UCLA’s Anderson Graduate School of Management,
told KPCC.The housing shortage has become a major issue at City Hall, in

The housing shortage has become a major issue at City Hall, in particular since Measure S, an anti-development ballot measure, was struck down by Los Angeles voters in March but still caused the City Council to pass a number of motions aimed at increasing transparency when it comes to developers’ influence.Mayor Eric Garcetti set a goal in 2015 for the city to build 100,000 new

Mayor Eric Garcetti set a goal in 2015 for the city to build 100,000 new units of housing by 2021. He acknowledged the housing crisis during a news conference in March, when he announced he was banning private meetings between planning commissioners and developers, which was also a move toward transparency.There is no doubt that our city is facing a housing crisis and this

“There is no doubt that our city is facing a housing crisis and this
requires an all hands on deck approach,” Garcetti said.The mayor also said that despite his opposition to Measure S and stances

The mayor also said that despite his opposition to Measure S and stances on the need to build more affordable housing and housing in general, he is not “pro-density.”There’s always this theme that City Hall is pushing density on

“There’s always this theme that City Hall is pushing density on
community members who don’t want it,” he said. “What I’m saying is the number
of people who live here are the number of people who live here. The number of
people who move here aren’t signing up for permission from City Hall to move
here, or to have children. They are here, period, and we have to respond.”

-from CNS