More multifamily housing needed in Los Angeles
This is not surprising, considering Los Angeles’ stature in the public imagination as one of the most exciting places to live in the country. As such, housing an ever-growing population has become an important issue that urgently needs actionable solutions.
Most recently, at a breakfast program held by the Urban Land Institute, industry experts Wendell Cox of Demographia and Dowell Meyers of the University of Southern California agreed on one thing: Los Angeles needs more multifamily housing.
Though of varying opinions when it comes to the city’s population growth rate, affordability, and trends, the two experts firmly believe that increased multifamily housing development is the best solution. Cox, who is Demographia’s principal of public policy, suggests that more multifamily housing should be constructed at the fringe. This is to effectively spread the population density and encourage urban sprawl.
Meyers, who is a professor at the Sol Price School of Public Policy at USC, contends that more apartments should be developed in dense and infill locations. His suggestion stems from the fact that the population rate in Los Angeles will soon decrease.
As affordability becomes more and more of an issue, this will eventually drive down the number of immigrants to the city. Already, immigration has dipped to 1970 levels. By building apartments, the urban sprawl will be effectively curbed and there will be more options in affordable housing. Another factor is the fact that millennials are still attached to the concept of renting rather than owning properties.
No matter how more affordable housing is going to be introduced to the city, the need for multifamily developments cannot be denied. By encouraging higher density developments, whether by apartments in infill locations or at the fringes of the city, the residents of Los Angeles will have a better chance of finding a home that won’t break the bank.