In Los Angeles, a proposal to convert aging commercial buildings into apartments could yield up to 43,000 new homes. City Councilmembers will soon vote on a zoning initiative aimed at updating the adaptive reuse program, enabling more office-to-residential conversions. This initiative is crucial as the city plans to spur the development of over 255,000 housing units by 2029. If passed, the ordinance would expedite the permitting process and provide incentives for lenders, addressing long-standing supply constraints and aiming for a significant increase in available housing.
Arc Capital Partners' Neville Rhone Jr. highlights the urgency of converting commercial buildings into residential units as a way to alleviate housing supply constraints.
The zoning initiative aims to create up to 43,000 new homes by updating the city's adaptive reuse program, significantly addressing Los Angeles' housing shortage.
Collection
[
|
...
]