by Jodi Summers
Congratulations Los Angeles property entrepreneurs, you are meeting housing demands. It looks like LA real estate developers will add approximately 13,430 new multifamily units to the market by the end of the year. In an attempt to fill overwhelming demand, multiunit construction is at is fastest pace of development in 20 years.
It is expected to more than double last year’s 5,300 units, Curbed reports.
Expect the new units to be mostly market-rate apartments. One reason developers are trying to get in new projects built in 2016 is the that Neighborhood Integrity Initiative comes up on the March ballot. If it passes, it the Neighborhood Integrity Initiative would enforce a two-year moratorium on big developments, banning most spot zoning and other amendments.