City Councilwoman Katy Yaroslavsky Wednesday announced a two-part plan intended to expand pathways for homeownership in Los Angeles by making condominiums, townhomes and other smaller for-sale homes easier and less expensive to build.<\/p>\n
Yaroslavsky, who represents the Fifth Council District, introduced a motion Wednesday directing the Department of City Planning to develop a streamlined approval process for new condominium projects. She is expected to introduce a second motion later this week focused on examining city fees imposed on small-scale ownership housing and identify options to reduce or defer costs for such projects.<\/p>\n
\u201cFor too many Angelenos, the first rung of homeownership has disappeared,\u201d Yaroslavsky said in a statement.<\/p>\n
\u201cWe are living in an economy where people who already own assets keep building wealth while working and middle-class families fall further behind. If the path to homeownership starts with a $1.5 million single-family home, we are shutting too many Angelenos out. Condos, townhomes and other starter homes should give first-time buyers a real opportunity to own a piece of Los Angeles and build wealth over time,\u201d she added.<\/p>\n
According to Yaroslavsky\u2019s office, only 36% of homes in Los Angeles are owner-occupied, while the city\u2019s median home price has surpassed $1 million. In LA County, where most residents are renters, homeowners only begin to outnumber renters at age 59.<\/p>\n
Under current Los Angeles rules, an otherwise by-right housing development becomes subject to a lengthy discretionary subdivision process when its units are proposed for individual ownership as condominiums. The motion directs the Department of City Planning, with assistance from the Department of Building and Safety and Bureau of Engineering, to draft an ordinance within 30 days creating simplified and expedited procedures for eligible new-construction condominium projects.<\/p>\n
The companion motion seeks to address costs. The proposal would examine why the city often charges more to build homes for individual ownership that to build the same units as rental apartments.<\/p>\n
A multifamily project, for example, can face tens of thousands of dollars in additional city fees if its units are subdivided and sold as condominiums rather than held by one owner and rented as apartments. Those costs can include park fees, the Affordable Housing Linkage Fee, subdivision and mapping fees, and other development charges.<\/p>\n
The motion would direct the city administrative officer and relevant departments to identify those differences and evaluate options, including fee reductions, credits, deferrals and more proportional fee structures.<\/p>\n
The proposals come as state and local housing laws are allowing more homes to be built in more places. Senate Bill 79 created new housing standards near major transit stops. Additionally, the city is working on its so-called \u201cMissing Middle LA\u201d program, which aims to expand smaller-scale housing, including ADUs, small-lot subdivisions and starter homes.<\/p>\n
\u201cAs state and local rules have changed to allow more housing in more places, we have to make sure homeownership stays part of the conversation,\u201d Yaroslavsky said in her statement. \u201cIf our rules make a condo substantially harder or more expensive to build than the exact same home as an apartment, we shouldn\u2019t be surprised when everything gets built for rent.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"City Councilwoman Katy Yaroslavsky Wednesday announced a two-part plan intended to expand pathways for homeownership in Los Angeles…\n","protected":false},"author":2,"featured_media":466238,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[27],"tags":[183593,15362,44227,6813,15844,48,52,51,47,50,49,3230,18796,51114],"class_list":["post-466237","post","type-post","status-publish","format-standard","has-post-thumbnail","category-los-angeles","tag-pathways","tag-announces","tag-expand","tag-homes","tag-katy","tag-la","tag-la-headlines","tag-la-news","tag-los-angeles","tag-los-angeles-headlines","tag-los-angeles-news","tag-plan","tag-starter","tag-yaroslavsky"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/posts\/466237","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/comments?post=466237"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/posts\/466237\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/media\/466238"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/media?parent=466237"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/categories?post=466237"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/tags?post=466237"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}