Mayor Karen Bass moves to make Executive Directive 1 permanent, despite developers' concerns about its feasibility. The directive, issued over a year ago, streamlines approval processes for affordable housing and exempts projects from long environmental reviews.
Developers have been hesitant to utilize ED1, with some expressing doubts about the financial viability of projects. Rents in financial models often exceed market rates, leading to uncertainties about project sustainability.
Over 14,000 units of affordable housing are proposed under ED1, with an 85% increase in the annual number of such units. However, concerns linger about the actualization of these projects and their financial feasibility.
#los-angeles #affordable-housing #executive-directive-1 #approval-processes #real-estate-development
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