L.A.’s Ambitious 486,000-Unit Housing Production Target by 2029 Likely Unattaina… – Press Release

L.A. Business Council launches effort to identify actionable solutions to overcome longstanding systemic challenges to deliver new workforce and affordable housing at scale

As the worsening housing affordability crisis poses daunting challenges for communities citywide, the Los Angeles Business Council has launched a multi-faceted effort to build an evidence-based blueprint designed to drive down the costs and speed up the production of residential housing to meet the City’s massive housing needs.

In November, the L.A. City Council adopted an update to its Housing Element – the state-mandated analysis of a community’s housing needs – that targets the creation of 486,379 new residential units by 2029. Some 40% of those units are targeted for lower-income households.

On average, the City will need to produce approximately 61,000 units – of which 23,000 must be affordable to lower-income households (under 80% Area Median Income, or AMI) – each year for the next seven years. To meet the ambitious new Housing Element target by 2029, the City will need to more than quintuple the amount of housing permitted annually since 2014, including affordable housing under 80% AMI.

The LABC is calling for sweeping reforms to help meet those goals, which business leaders say are likely unattainable without significant changes to City policy. “The City Council deserves great credit for setting an ambitious goal to bridge the housing shortage and related affordability gap that is widening by the day, but without significant reform and a blueprint, that goal will not be met,” said LABC President Mary Leslie.

The LABC Institute this week announced plans to work with the UCLA Ziman Center for Real Estate to better pinpoint the obstacles and opportunities to producing an adequate affordable housing supply. They hope to present findings in time for the 2022 Los Angeles mayoral election in November to provide the City’s next leader with a formula to drive down affordable…

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