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Friday, Jun 9, 2023

VICA Backs Housing Bond

The Valley Industry and Commerce Association Thursday endorsed a $1 billion housing bond to build affordable housing in the city. Measure H calls for the city to place the money in a trust fund that will be tapped to pay for new affordable homes and rental units over 10 years. It is intended to make home-buying possible for low-income people and working families and offer options to the homeless. More than 80 percent of Los Angeles residents cannot afford to buy a median-priced home, according to the city. In a statement, VICA President Brendan Huffman said the bonds will also help spawn developments near transit hubs, which could result in more workers using public transportation. “In the Valley, housing is also a transportation issue. Voters should look at Measure H, not just as a housing bond, but a congestion relief bond as well,” he said. Measure H goes to the voters Nov. 7. A two-thirds majority is required for it to pass. Among the measure’s opponents are Richard Close, president of the Sherman Oaks Homeowners Association, and the Howard Jarvis Taxpayers Association.

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