Mayor Garcetti Reveals Part of Strategy to Fulfill Housing Demand in Los Angeles, Bulk Up Affordable Housing

For the first time since taking in 2013, Los Angeles Mayor Eric Garcetti has addressed one of the many problems plaguing the metropolis. The local official held the keynote speech at the Los Angeles Business Council’s 2014 Mayoral Housing, Transportation & Jobs Summit, recently organized at the UCLA Anderson School of Management, in which he discussed future policies that would remedy the city’s housing issues, with a focus on the affordable housing sector.

For the first time since taking office, Mayor Eric Garcetti has detailed strategies for addressing Los Angeles’ housing crisis. Speaking at the Los Angeles Business Council’s Mayoral Housing, Transportation & Jobs Summit, held at the UCLA Anderson School of Management, Garcetti discussed policies that could help remedy the city’s housing challenges, particularly in the affordable sector.

The imbalance between supply and demand is as severe as any time since the post-World War II era. Garcetti’s goal is to add 100,000 new units by 2021, meanwhile bulking up the supply of affordable housing. The city’s Affordable Housing Trust would subsidize development on land owned by the Los Angeles County Metropolitan Transportation Authority. Garcetti also proposed to cut red tape at City Hall and work with key stakeholders to reform the California Environmental Quality Act.

“Increasing affordability can be accomplished by protecting and growing our stock of affordable housing, and by increasing our overall housing supply,” Garcetti said. His policies are  supported by the Los Angeles Business Council, which also expressed concern about the housing shortage.

“Reversing our shortage of affordable housing is critical to keeping Los Angeles attractive for both employers and talented workers,” noted Jacob Lipa, Chairman of LABC and President of Psomas. The conference also tackled issues such as the proposed Los Angeles innovation district and strategies for maintaining the city’s competitiveness in an increasingly global economy.

Image courtesy of lamayor.org

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