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Housing Price Declines Fail to Stem Workforce Housing Crisis; Los Angeles Working Families Continue to Struggle with Cost, Quality of Life.

Publication: Business Wire
Publication Date: 30-OCT-09 		Format: Online
Delivery: Immediate Online Access

Article Excerpt
LA Business Council Report Highlights Continued Affordability Gap, Proposes Employer Assisted Housing Programs to Meet Local Housing Needs in the Short-Term

LOS ANGELES -- Despite recent declines in Los Angeles County's median rental and home prices, the local workforce continues to face overwhelming challenges finding affordable housing near employment centers, which undermines the competitiveness of businesses and diminishes the quality of life for area residents, according to a report issued today by the Los Angeles Business Council (LABC).

This report finds that falling rents and a nearly 14 percent decline in LA County's median home prices since 2008 have not significantly affected the affordability of workforce housing, given that housing costs rose by more than 150 percent between 2000 and 2008 and have not fallen substantially in many of...

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