NBC: Los Angeles Homebuilding is Up, but Affordable Housing Still Distant: Garcetti

NBC: Los Angeles Homebuilding is Up, but Affordable Housing Still Distant: Garcetti
November 5, 2017 Peter

Los Angeles Homebuilding is Up, but Affordable Housing Still Distant: GarcettiThe city of Los Angeles has increased the speed at which it is building new homes, but it’s still far from fixing its housing shortage, according to LA Mayor Eric Garcetti. Los Angeles is nearly two-thirds of the way toward meeting Garcetti’s goal of building 100,000 new housing units over his eight years in office, but most of those units are priced at market rates, reports NBC4 media partner KPCC. The city, meanwhile, is struggling with record homelessness, rising rents and a typical home price of $630,000. Garcetti said at a Los Angeles Business Council summit that the city has sped up permitting for new developments and is subsidizing more units, but added that more housing could be created if LA’s half-million homeowners build so-called granny flats in their backyards.

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