Los Angeles Business Journal
October 19, 2018
Los Angeles faces a reality marked by economic extremes: Our unemployment rate sits at record lows with wages steadily rising, yet the vast majority of residents do not make enough to afford a home in the region. The problem is so acute that we now face one of the most egregious house-to-income price ratio discrepancies in the nation – worse than San Francisco, Seattle and New York.
With hundreds of thousands of new affordable units needed to meet demand, the L.A. City Council, the state Legislature and Gov. Jerry Brown have taken major steps to address the crisis, passing a slate of bills and legislative reforms to try to fast-track new housing. However, the enormity and widespread nature of the housing shortfall makes it nearly impossible for the public sector to fix it alone.