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LOS ANGELES--(BUSINESS WIRE)--Jan 4, 2016--The Coalition to Preserve L.A. urges the Democratic leadership in Sacramento, as well as its partners at today's press conferences (in Sacto & L.A., on the California Senate's move to introduce a Budget Proposal to Tackle Homelessness) and Mayor Eric Garcetti, to pledge construction over the next three years of 20,000 affordable rental units that Los Angeles families can afford — meaning rentals of $600 per month and below for a one-bedroom, and $800 and below for a two-bedroom.
Greed has created a fever of land speculation in L.A. as purely profit-motivated developers decide what should be built on already-occupied land — land that often contains older, livable, and affordable housing. Many thousands of livable, affordable rentals have been wiped out — with the approval of Los Angeles City Hall.
The City Council and Garcetti Administration feed this land speculation by repeatedly agreeing to luxury housing projects via "spot-zoning" to allow bigger and taller structures. This spot-zoning of the land brings developers a tremendous monetary return, both on land speculation and land-flipping, and on project development. A report by former City Controller Laura Chick found that the vast majority of City Hall's residential project approvals resulted in luxury housing for one-percenters earning $135,000. Families in L.A. typically earn less than $60,000.
Since Chick's report, city leaders in L.A. have only doubled-down on luxury housing, and wiped out even more affordable housing.
Because developers know the land itself can be turned to gold by spot-rezoning, occupied L.A. land has become the focus of a bidding war. The wealthiest developers are involved. City officials then accept campaign money or other perks from some of them.
Los Angeles cannot afford this backward-looking, old-time game that has created a devastating net loss of existing affordable housing. The luxury buildings are now driving up the price of land and housing all around them, forcing out large numbers of working families, artists and other lower-income and middle-income people.
The Coalition to Preserve L.A. is fighting, through its forward-looking 'Neighborhood Integrity Initiative,' to place a moratorium on major projects that don't adhere to existing zoning and, during the moratorium period, to force Mayor Garcetti and the L.A. City Council to update L.A.'s long-neglected General Plan.
The General Plan, which has not been modernized since the 1980s, must end L.A.'s devastating land-bidding wars, driven by old-school dealings between politicians and luxury developers. A forward-thinking General Plan must bring intelligence and rationality to zoning, and to decisions about how and where residential gentrification is a plus for L.A.'s livability. It must no longer be driven by the spot-zoning that today lines developers' purses.
View source version on businesswire.com:http://www.businesswire.com/news/home/20160104006616/en/
CONTACT: The Coalition to Preserve L.A.
Ged Kenslea
Mobile: (323) 791-5526
E-Mail:gedk@aidshealth.org
KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA
INDUSTRY KEYWORD: OTHER CONSUMER PUBLIC POLICY/GOVERNMENT OTHER POLICY ISSUES PUBLIC POLICY STATE/LOCAL CONSTRUCTION & PROPERTY RESIDENTIAL BUILDING & REAL ESTATE CONSUMER
SOURCE: The Coalition to Preserve L.A.
Copyright Business Wire 2016
PUB: 01/04/2016 10:38 PM/DISC: 01/04/2016 10:37 PM
http://www.businesswire.com/news/home/20160104006616/en
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