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Thursday, Mar 28, 2024

Business Group Tackles Housing Shortage

An advocacy group for the city’s businesses today called for a program of legislative reform and tax incentives to increase the housing stock. Noting that the shortage of workforce housing has led businesses to relocate outside the state, the group, Los Angeles Business Council, said the city must update its general plan to provide for incentives to build mixed-use housing. The group cited projections that the city needs to construct 25,000 housing units a year, with at least 20 percent of those affordable units. The LABC also called for a city or countywide bond to fund the development of additional workforce housing. “LA should have at least $100 million in affordable housing subsidy funding available for a minimum of 10 years,” the group said in its report. “This could be accomplished by dedicating a substantial source of taxes to housing or via passage of a $1 billion affordable housing bond.” Other recommendations included rewriting zoning ordinances and increasing the level of staffing to process entitlements. The LABC presented its findings at the 2005 Mayoral Housing Summit held Oct. 26 at UCLA.

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