Want to remind everyone that the vile Neighborhood Integrity Initiative remains a threat to our city.
Here’s an update from Curbed on its progress… it’s getting onto the ballot in a March election where turnout out to be like 0.0005% of the population.
In case you haven’t heard, the initiative basically creates a moratorium on big new projects in LA by forcing these projects to conform to our ridiculously dated zoning code (rather than receiving waivers from the city council, as is the practice currently).
Since these big projects deliver most of the new housing being constructed, the initiative have the effect of dramatically slowing the growth in apartment supply in the midst of a housing affordability crisis.
In some ways, I’m very happy to limit supply, since I’m a supplier and new supply is pretty much the only thing short of a major recession that will limit rent growth.
But this is already an unaffordable city and it’s insane to make this problem even worse.