"Penner is an independent candidate and a decided long-shot in our Golden State, but you would not have known the latter as he made his case to a room full of decision makers in a studio in West Hollywood. He set his premise with a fundamental question: Is real estate still all about location, location, location? After all, downtown Los Angeles was hot once and now it's not something his company knew all too well, he said, with soured investments that touched him personally."
"Penner then pivoted to the real reason he was on stage: Politics. He showed some fang right off the bat, blaming politicians not the pandemic for the rough shape of downtown these days. Penner said we all made one of the worst decisions in entrusting politics to the politicians. Penner went on to trash the two parties and media for creating our current disconnect."
"Measure ULA, the so-called mansion tax, came up. California Landmark Group's Ari Kahan said it wasn't the elephant in the room, but the elephant running through the room. Kahan, similar to others, claimed the city is redlined so long as Measure ULA is in effect. That's because, he explained, it doesn't make sense to throw your capital at development when the economics don't make sense and a tax eats your profits."
Commercial real estate professionals convened at stages five and six at the Lot at Formosa and heard from Ethan Penner, a pioneer in commercial mortgage-backed securities running as an independent for governor. Penner questioned whether real estate remains defined by location and cited soured downtown Los Angeles investments that affected his company. He blamed politicians, not the pandemic, for downtown decline, criticized both major parties and the media, and framed his long-shot candidacy as an asset amid systemic capitulation. A later policy panel spotlighted Measure ULA, with Ari Kahan arguing the mansion tax makes development economically unviable and effectively redlines the city.
Read at therealdeal.com
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