Who is real estate supporting in LA's mayoral race?

"From Dan Yukelson's view, the executive director and CEO of the Apartment Association of Greater Los Angeles, offered there's no one that's viable when it comes to a candidate the industry could collectively rally behind outside of simply sticking with Bass. It's unfortunate that Rick Caruso is not coming to the table and I don't know who else will, he said. I mean, we need somebody who's balanced and more business friendly and who's going to focus on security and public safety."

"Raman's support of policies such as the city's mansion tax, additional restrictions on rent floors and ceilings for Rent Stabilized Ordinance properties and the Wildlife Ordinance regulating development in the hillsides hasn't sat well with many in real estate."

"Richard Klug, a property owner and agent at Sotheby's International Realty, noted that old-line politicians would listen to you, saying that some 20 years ago if he had a problem and wanted to speak to a councilmember, he could call up the late Tom LaBonge and there would be a conversation. That dialogue's since been replaced by some at city hall with screening of inquiries, email requests over phone calls and then sometimes silence."

Real estate professionals express preference for Mayor Karen Bass's reelection over challenger Nithya Raman, despite Bass not delivering the industry-friendly policies some hoped for. Raman's support for policies including the mansion tax, additional rent stabilization restrictions, and Wildlife Ordinance development regulations has alienated the real estate sector. Industry leaders like Dan Yukelson of the Apartment Association of Greater Los Angeles indicate no viable alternative candidate exists that the industry could collectively support, with Rick Caruso notably absent from consideration. Beyond policy disagreements, real estate professionals cite cultural shifts at City Hall, noting reduced accessibility and dialogue with elected officials compared to previous administrations, with communication increasingly filtered through screening processes rather than direct conversations.

Read at therealdeal.com