"Developers are very much bullish on L.A. County, but not so much on the City of L.A., and it's a complex set of reasons, Kamran Paydar, a CBRE broker and partner, told the publication. ULA is a piece of it. Interest rates, which have risen, are also a big component, then add to that the different housing policies that are being supported by different municipalities."
"A University of California, Los Angeles, report this year found that approximately 1,900 units each year have gone unbuilt since the measure was adopted in 2023. Another study cited by Bisnow found that commercial transactions fell between 30 and 50 percent in the two years since Measure ULA's adoption. In 2022, Los Angeles permitted a total of 23,422 residential units that count toward the state requirements for housing, or 5.1 percent of its state-mandated goal;"
Measure ULA's citywide transfer tax has contributed to reduced multifamily construction within the City of Los Angeles and prompted many apartment developers to consider projects outside city limits. A signature drive led by the Howard Jarvis Taxpayers Association seeks a repeal measure for the November 2026 ballot. Rising interest rates and varying municipal housing policies have also discouraged development in the city. A UCLA report estimated about 1,900 units per year went unbuilt since 2023. Commercial transactions fell 30–50 percent in the two years after adoption. City permits declined from 23,422 units in 2022 to 17,195 units last year. Fewer than 19,000 apartments were under construction in Los Angeles in the third quarter.
Read at therealdeal.com
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