L.A. City Council approves development fee to raise money for affordable housing

LA Times

By Dakota Smith

The Los Angeles City Council voted Wednesday to impose a new fee on development to raise millions of dollars a year for affordable housing as the city copes with rising rents and surging homelessness. Mayor Eric Garcetti has long pushed for the so-called linkage fee, saying it would provide a permanent revenue stream to build housing for low-income residents. Celebrating with his colleagues outside City Hall after the council vote, Garcetti suggested the fee would help Los Angeles become “not just a city for some, but a city for all.”

“Today we see hope in the promise that Los Angeles can continue to grow and indeed must grow,” Garcetti said. “That when we see luxury condominiums going up, that we can make sure that there is money paid in to build housing for the rest of us.”

The mayor made his remarks near City Hall’s lawn, a popular gathering spot for homeless people. As he spoke, at least half a dozen people dozed on the grass or watched Garcetti.

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Michael Anderson
Michael Anderson 249 posts

Over the course of his 30-year career, Michael Anderson has worked in the residential development industry in the Pacific Northwest, Northern California and Southern California. He has acquired residential land in excess of $300M for both land development and homebuilding entities and has overseen the construction of approximately 2500 homes. Currently, in semi-retirement, and based out of Newport Beach, CA, Michael continues to invest in and stay abreast of the land markets.

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