When Los Angeles broke ground on the new Weingart Towers housing project in Skid Row on Sept. 28, many Los Angeles officials, including Mayor Eric Garcetti, touted the move as one of the most “comprehensive solutions to homelessness,” also crediting Proposition HHH, a 2016 ballot initiative that partially funded the project. A total of $48…
New Skid Row Housing Project ‘Could Be Triggering for Those in Recovery:’ Homeless Recovery Advocate
California to Pay Up to $25,000 for ADUs, Critics Say it Will Raise Home Prices
The California Housing Finance Agency (CalHFA) announced Sept. 29 that it will be offering up to $25,000 to low- to moderate-income homeowners to build accessory dwelling units (ADUs) on their property. Critics are concerned it will lead to higher housing costs, less homeownership, and more rental units. Former mayor of Costa Mesa Jim Righeimer said building…
California’s Eviction Protections Leave Landlords in Limbo: Eviction Attorney
With California’s new eviction protections for tenants with unpaid rent valid through March 2022, landlords struggle to stay financially afloat as they wait for rent relief funds. Jonathan Madison, an eviction attorney, told The Epoch Times his clients have turned to taking out loans and filing for bankruptcy waiting to receive funds as their tenants…
Home Price Growth Surges to Record High: Reports
Two new reports show U.S. home prices continued their skyward vault in July, as supply shortages and strong demand combined to keep buying pressure high. Single-family home prices across the United States rose at a record 19.7 percent annual pace in July, according to the S&P CoreLogic Case-Shiller national composite home price index (pdf), released…
Newsom Signs 31 New Housing Bills Into Law to Ease Housing Crisis
California Gov. Gavin Newsom signed 27 new housing bills into law Sept. 28, marking a total of 31 housing bills recently signed that are intended to “cut the red tape” in building new housing. However, critics say the bills will lead to high housing costs for home buyers. Former Mayor of Costa Mesa Jim Righeimer…
LA’s Largest Expected Homeless Housing Development Breaks Ground in Skid Row
LOS ANGELES—A housing project in Skid Row that officials say will be the largest homeless housing development in Los Angeles history broke ground Sept. 28. The Weingart Towers, which will include a 19-story high-rise at 555-561 S. Crocker St. and a 12-story high-rise at 554-562 S. San Pedro St., will offer a total of 382…
New Housing Laws Will Increase Housing Costs in California
Commentary The new housing bills Gov. Gavin Newsom signed into law—after the recall, of course—are being touted nationally as a way to ease California’s housing affordability crisis. Vox called it “a step toward addressing the housing crisis.” It’s the opposite. It will make the housing crisis worse by increasing costs. I covered the bills in…
Los Angeles to Seek Rental Subsidies to House Homeless
The City of Los Angeles will seek increased rental subsidies to house its growing homeless population, particularly those with physical and mental health concerns. The city voted to advance the Housing Now Fund on Sept. 21, which would partner with Los Angeles County’s Department of Health Services to instruct the city administrative officer to find…
Home Sales Dip, Prices Ease in August
Sales of previously occupied homes in the United States fell in August, breaking two consecutive months of growth, while prices eased somewhat, according to the National Association of Realtors (NAR). Existing home sales—which include single-family houses, condominiums, and co-ops—fell 2 percent in August, after rising 1.6 percent in June and 2.2 percent in July, according…
Stronger Mortgage Demand Suggests Tailwind for Housing Market
The number of applications for home mortgages rose sharply last week, according to the Mortgage Bankers Association (MBA), dovetailing with recent federal data showing a surge in building permits and pointing to a likely boost in future home sales. Total mortgage application volume rose 4.9 percent last week, according to MBA’s composite index that tracks mortgage…
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