Los Angeles Faces Dwindling Housing Approvals Amidst Economic Challenges

[Nomad]

Los Angeles reels under a sharp decline in housing permits, as revealed by a recent report from Hilgard Analytics. The study analyzed data from the Los Angeles Department of Building and Safety. According to the study, there is a 5.3 percent drop in approved residential units from January to September 2023. Only 11,437 residential units were approved during this period. Factors contributing to this slump include surging interest rates, labor disputes, and a cooling job market.

Council District 5 witnessed the most significant decrease, with a staggering 59.5 percent fewer permits compared to the same timeframe in 2022. Likewise, Council District 11 went down by 64.2 percent. Interestingly, Council District 10 experienced a positive trend, witnessing a 25.8 percent increase.

As the city grapples with economic challenges, the dwindling number of housing permits poses a pressing issue, demanding strategic solutions to address the ongoing affordability crisis.

You can read it in detail here

 

[Korner6]

"Factors contributing to this slump include surging interest rates, labor disputes, and a cooling job market."

I'm really surprised CRIME wasn't added to that list of contributing factors. You have to admit that Los Angeles is a high crime area, and there has been news reported on people leaving the city for safer places to live. Personally, I would think that would be reason enough to not want to build in such a place?

 

[Eric]

"Factors contributing to this slump include surging interest rates, labor disputes, and a cooling job market."

I'm really surprised CRIME wasn't added to that list of contributing factors. You have to admit that Los Angeles is a high crime area, and there has been news reported on people leaving the city for safer places to live. Personally, I would think that would be reason enough to not want to build in such a place?

I lived in LA for about three years and I remember having some concern about crime, especially since we moved there when my son was only one and feeling safe in our local community was becoming more essential for us. We installed an alarm system and generally felt safe in our local area, though during my commutes there were a couple instances when I definitely felt less than safe (e.g., one time a fight broke out on a bus I was riding).

During our time there we knew other families that, like us, never intended LA to be their long-term plan. Crime is definitely a factor but there's also just general traffic/congestion and crowdedness/urban density that make the place less than ideal for putting down roots and raising a family. Still, there are lots of jobs in LA (the only reason I moved there in the first place), and there continues to be high demand/affordability issues, so I would think more construction/housing would be needed, even if geared more toward commercial renting, and not single-family, per se.

 

[Seven Out]

California needs to focus on the realities of the situation, crime, and pricing, and leave the analyzing alone. Real world problems require real world solutions.