Richard Baron, CEO and co-founder of McCormack Baron Salazar Amid Los Angeles’ urgent need for affordable housing, Metro and developer McCormack Baron Salazar will add more affordable units to its 16-acre Taylor Yard development project and eliminate a retail portion. The joint venture has already constructed 263 affordable units and 95 condominiums at 1311 N. […]
Hong Kong’s $80B plan to fix housing crisis is “disastrous,” critics say
A crowded residential building in Hong Kong (Credit: iStock) Hong Kong’s government wants to build 4,200 acres of artificial islands in the South China Sea, hoping to solve a housing crisis that’s gripped roughly 20 percent of its population. But the first phase of the plan, called Lantau Tomorrow Vision, which would create nearly 2,500 […]
LA’s housing crunch leads affordable developer to fast-track Westlake complex
SRO Housing CEO Anita U. Nelson and a rendering of the Ingraham Apartments SRO Housing Corporation’s affordable housing development in Westlake may rise a little faster than usual. The Downtown-based affordable housing developer filed plans for the 120-unit, seven-story Ingraham Apartments at 1218-1232 W. Ingraham Street, according to the Los Angeles Business Journal. SRO is […]
More LA landlords reject housing vouchers amid rising rents
Tents and belongings of the homeless line a street in downtown Los Angeles (Credit: Getty Images) Government subsidies are aimed at easing the housing crunch in Los Angeles, allowing those who can’t afford the city’s rising rents to have a place to live. But the subsidies require the willingness of landlords, and fewer of them […]
Santa Monica squashes market-rate micro-unit projects…for now
Santa Monica put an emergency hold on market-rate micro units Santa Monica city leaders have placed an immediate hold on the construction of market-rate studio apartments smaller than 375 square feet, as they grapple with a sudden influx set for downtown. The 45-day ban on “single-room occupancy” units is in effect until May 10, Curbed […]
Median-priced homes still unaffordable in nearly 75% of US counties: report
Most median-priced homes are still unaffordable (Credit: iStock) The U.S. housing market continues to cool down, and here’s another possible reason why. The average annual wage isn’t enough to afford a median-priced home in more than 70 percent of the counties in America, according to ATTOM Data Solutions’ first-quarter “U.S. Home Affordability Report” released Thursday. […]