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Developers And City Battle Over Affordable Housing Rules

Posted by: Nate Berg

9 April 2007 - 9:00am

Upset developers forced to set aside 25% of their development as affordable housing are facing off with city officials in Los Angeles over its inclusionary housing policies.

"Los Angeles' push to have developers set aside portions of new residential projects for below-market-rate housing is facing a showdown at City Hall this month, with the outcome likely to shape the city's future housing policy."

"In recent years, Los Angeles has gradually increased the percentage of units that developers must set aside for moderate-income residents."

"Now, a developer is pushing back after the city ordered it to reserve 25% of the 438 units planned at a Warner Center apartment complex — the largest set-aside the city has ever required."

"The idea behind the city's 'inclusionary housing' rules, officials say, is to allow people who work in an area but might not be able to afford market rents — such as teachers, shopping mall employees and police officers — to live near their jobs."

"When a development opens, the first renters for the below-market units must work nearby and meet the economic qualifications."

Full Story: Developer says housing policy is a fixer-upper
Source: The Los Angeles Times, April 7, 2007
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The decision to abandon a property is a symptom of the loss of confidence. And while abandonment certainly affects confidence among surrounding homeowners, the most important question to answer is not "how do we deal with abandoned properties?" but "what is the most cost-effective way to restore market confidence, and how do abandoned properties fit into that picture?"
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