matthewplan

@MorePerfectUS OMG RENTERS!!!!! Delete your account.

The House just dramatically weakened a landmark affordable housing bill that passed the Senate earlier this year. The Senate bill had groundbreaking restrictions on Wall Street’s purchase of single-family homes, but the new House version significantly weakened the bill’s limitations on institutional investors in the housing market. The new version would make it possible for private equity firms and other large investors to purchase more homes than the initial version allowed. The new bill’s definition of a “single-family home” would also now exclude manufactured housing and newly-renovated homes. And the new version removes a controversial mandate that homes built for rent have to be sold to tenants within 7 years, incentivizing companies to permanently rent their properties. When the Senate passed their landmark bill, Wall Street and housing developers immediately started lobbying the House, spending tens of thousands on key lawmakers. That spending appears to have paid off.

The kids are going to be alright

Munetaka Murikama ties Aaron Judge for league lead 14th homer #whitesox What a sound off the bat! White Sox are now .5 game out 😆

"Los Angeles Residents to Gain Faster Access to New #AffordableHousing through @HealthNet's $10 Million Investment in “Guarantee Fund”. Partnership with #LA4LA will accelerate construction of affordable and mixed-use housing across LA County" news.healthnet.com/guarantee-fund…

@_lej44 @CohenSite See AB 893 dailycal.org/news/city/hous…

⬇️CSUN, one of the highest enrollment college campuses in LA is surrounded by mostly single-family only zoning. The vast majority of students live off campus yet only a few pockets zoned for apartments exist near it (mostly rezoned in 1970s) This forces thousands to commute in.

@cayimby @AndrewDLewis Unfortunately doesn’t AB 130 make it impossible for cities to make building code modifications?

The "missing middle" — duplexes, fourplexes, townhomes — once formed the backbone of American neighborhoods. Yet now, anything above a duplex triggers commercial building codes, raising costs and blocking missing-middle housing.

@LA_Multi_Fam @GDCAndrew It will get to CPC in October this year and hopefully adopted by end of the year.

@GDCAndrew @matthewplan Know what the hold up is?

We are about $50K into this hillside ADU project in Elysian Park. Soils, architect, expeditor, civil, structural, LADBS fees, BOE fees, DWP fees, etc. It has been a grind. The City is much stricter on hillside submittals, and my own inexperience with the hillside process has definitely shown. There are just way more moving parts: separate retaining, grading, and shoring submittals, plus all the coordination between consultants takes a ton of time and effort. I think we are around 18 months into it now. Choose your structural and civil engineers well. Pay more for availability and detail-oriented people. You want each exchange and correction set with the City to take a few days, not a few weeks. Nevertheless, I think we are almost there. Maybe a couple more months. Have said that before though :) We are using @cayimby legislation SB 1211! Lot tying a 6 unit RSO multi-family property next door to a tiny single family house where we have space to build this 3 unit ADU structure. The Yimby's did amazing work with SB 1211 and 3 units are possible where previously none would be. However after all the time and money I am not sure I will be able to build it! What has changed in the past 2 years? Construction costs are somewhat higher, yes. Scope changed a bit too, and the retaining and shoring component, which I was too naive about early on, will add a meaningful cost. But I could still build through that. The bigger issue is that RSO values have fallen hard and are still falling. GRMs in this market have gone from around roughly 12-13 down to around 9-10. A few months ago I thought maybe we were at the bottom. Now I am not so sure. Since this ADU project is being added to an RSO apartment building, the end value has to be looked at together. Anti-landlord policy and regulatory risk are a major part of this decline. A lot of buyers have left the space, and the ones still active are only buying at steep discounts. A project that looked very good mathematically two years ago looks far worse today, and DSA politics and regulation are a big reason why. Nithya, Hugo, Eunisses are all part of this decline. Second, we are next to Dodger Stadium in a canyon area with homeless encampments in the hills above the property. Every cold season they light fires to keep warm. Over the last few years we have had multiple brush fires started by homeless encampments. @LAFD has done an excellent job getting there quickly and putting them out, but the City Council and Eunisses, who is our council member, have done nothing to help by allowing these encampments to remain in high-risk hillside areas. At this point it is willful. Lives and property are being put at risk. The same goes for other hillside districts (Nithya's) where there is no political will to clear encampments. If one of these fires turns into the next Palisades or Altadena type disaster, the people who allowed it will have blood on their hands. Third, jobs and industry are not where they should be in a city like LA. Hollywood has been crushed for a lot of reasons, but local politics have not helped. Too many politicians are focused on everything except creating a city where employers, investors, and working people can succeed. That economic weakness has hit a lot of our renters too, especially the ones tied to entertainment industry jobs. Coming back to our little 3 unit ADU project. I know it is fairly insignificant in the grand scheme of things, but I think it is also a sign of a bigger picture. Many other small owners and builders like myself are thinking right now why invest a meaningful amount of capital for us, into a property and city that doesn't seem to be going in the right direction. Values continue to drop, homeless encampments risk lives and property, and major industries are struggling. This election is big. If it goes the wrong way I likely won't build this project.

@DennisBlock What is the case? Do you have the decision?

We are pleased to announce that the California Court of Appeal has ruled in favor of the Apartment Association of Greater Los Angeles (AAGLA), striking down a City of Los Angeles ordinance that required housing providers to pay relocation assistance when a tenant chose to vacate in response to a lawful rent increase. This significant legal victory underscores the constant battles that property owners face against unlawful local mandates.

@SoCalLakerGirl Yes there’s more information now but rents went up way more in the 80s compared to the 2020s (so far).

Underdiscussed point abt housing that deserves more attention is that never before in history have landlords been so attuned to their "market values". In the 80's it was like "that number sounds good & it pays the bills" Now there's 10 platforms telling you to charge more

@the_culturist_ Cheap copy

Be brutally honest. What is your opinion on this design?

Recordatorio que Perú tuvo la política habitacional más ambiciosa del contiente. Te permitía construir torres de 30 pisos si destinabas la mitad a vivienda de interés social (VIS). Fue tan exitoso que produjo VIS en el Polanco de Lima. Se quejaron los NIMBY pitucos y se derogó.

@SinaiLawFirm And yes we’ve had a couple years of reversing the housing x population deficit but look at the hole we need to climb out of

@SinaiLawFirm There is a tremendous shortage of homes which is the entire reason LA and CA are so unaffordable

In 2016 we were told there was a housing shortage. We added 1m homes and population is the same, but prices are way up In 2020 we were told there was a housing shortage when homes were 30% cheaper and interest rates were at 3% Maybe there's no housing shortage

@najam_ali Especially because it is a clever way to obtain restitution- an important concept in Iranian culture and religion when wrong has been done. Is the the US or Israel going to pay?

I am genuinely struggling to understand this logic. If the rest of the world is willing to pay a small toll to Iran to keep oil flowing and stabilise markets, then why does the U.S. feel the need to block all shipping, especially when it is not dependent on that oil?

@mattbaran Thanks. Any other city besides LA?

@mattbaran Do you know if cites are requiring the remainder parcel to comply with all zoning?

Did you know: SHRA allows up to 10 units and lots on qualifying parcels, even with an existing home in place? The catch: that house typically has to sit on its own “remainder lot,” and you’re not touching it as part of the subdivision. Separate permit, timeline, and problem.

@WWFerguson2 @FiZxMiKe No - the apartments were already approved. I think it’s just the cost to build vs expected returns - perhaps the financing fell through?

@FiZxMiKe @matthewplan Thanks. But how does it "make more sense" to build? Are they saying from a public opposition standpoint?

We’ve entered the phase of the development cycle where a drive-thru Taco Bell in the middle of LA makes more sense to build bs 123 units.

@midpushMike 123 units brings in much more tax than a Taco Bell

@matthewplan Hey, the Taco Bell brings in the tax money. The 123 units just costs more in taxes to pay people to live their and support them.