A new transfer tax that intends to fund affordable housing might end up crushing Los Angeles's multifamily market—at exactly the wrong time.

“A great many people voted for [Measure] ULA for this very reason—including seasoned real estate folks, who voiced little, if any, opposition to it. A developer friend of mine voted for ULA mainly because the Howard Jarvis Taxpayers Association opposed it. That's usually a good heuristic if you're pro-development. But the housing crisis has created some strange bedfellows.”
“Contrary to the stereotype of the ‘greedy developer,’ there are probably guys dressed as Spider-Man on Hollywood Boulevard who make more money on a daily basis than many developers do. Their cap rates are thin—in the single-digit percentages--and they often take years to materialize. Even if a developer is willing to tolerate lower margins, fat chance finding a lender who will—especially in what is already a worrying economic climate.”
“Kneecapping the development industry may be fine if (like L.A.'s mayor) you're sick of all the ‘luxury’ residential buildings that have gone up lately. But, if ‘luxury’ buildings are the only projects that pencil out now, then what of working class, ‘missing middle’ housing? That's exactly the type of housing Los Angeles needs.”
“Now, as ever, Los Angeles cannot get out of its own way.”
FULL STORY: The Perverse Economics of Los Angeles's "Mansion Tax"

Planetizen Federal Action Tracker
A weekly monitor of how Trump’s orders and actions are impacting planners and planning in America.

Congressman Proposes Bill to Rename DC Metro “Trump Train”
The Make Autorail Great Again Act would withhold federal funding to the system until the Washington Metropolitan Area Transit Authority (WMATA), rebrands as the Washington Metropolitan Authority for Greater Access (WMAGA).

The Simple Legislative Tool Transforming Vacant Downtowns
In California, Michigan and Georgia, an easy win is bringing dollars — and delight — back to city centers.

Maryland Awards $1.25M in TOD-Related Grants
The state’s DOT is funding projects that prepare sites around transit stations for future mixed-use development and housing.

Judge Rules in Favor of Massachusetts TOD Law
The court rejected an argument that the MBTA Communities law, which requires zoning for multifamily housing, is an “unfunded mandate.”

Supporting Cycling Takes More Than Just Bike Lanes
Safe, protected bike lanes are a key part of a city’s bike infrastructure — but secure parking, e-bike charging, and other amenities can also influence people’s shift to cycling.
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