If you are one of the many Valley residents who think the cost to rent apartments or buy homes here is too high now, get ready to pay more – way more.
That’s the warning developers are relaying about two initiatives up for public vote in the City of Los Angeles in November and March that aim to sharply curb residential and other types of construction.
Measure JJJ, also called Build Better LA, is scheduled for the November ballot. It proposes new labor and wage requirements on most new housing projects – those that would build higher, larger and denser than city planning limits allow.
The second measure, the LA Neighborhood Integrity Issue, is on the ballot in March. That initiative would temporarily halt most new construction of any building type for two years, specifically those projects that need exceptions to city limits on height, size and density.
Read the full story in the Oct. 3 issue of the San Fernando Valley Business Journal.