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Los Angeles looks to ban major real estate developments

Posted by   /  February 17, 2017  /  No Comments

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The progress on construction of the Metropolis project as of April 3 / credit: Hunterkerhart.com

Supporters of a ballot measure say it will give residents more say in planning; opponents counter it will worsen affordability problems

By Laura Kusisto | The Wall Street Journal

Voters in the second-largest U.S. city are considering a measure that could effectively halt major real-estate projects, the most extreme example yet of a revolt against development that is breaking out across the country.

A boom in luxury development over the last five years has transformed urban America, bringing young people, restaurants, retailers and jobs back to city centers.

But construction activity has tilted toward the high end. Many longtime residents have become resentful of new towers that cast shadows over their neighborhoods of single-family homes and push up rents. Average apartment rents nationwide have surged 26% since 2010, according to MPF Research, due in large part to strong demand after the housing crash.

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