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City council plays hardball with housing developers.

Publication: San Fernando Valley Business Journal
Publication Date: 02-JAN-06 		Format: Online
Delivery: Immediate Online Access
Full Article Title: City council plays hardball with housing developers.(Real Estate)

Article Excerpt
If developers are looking for a window to what's in store in 2006, they don't have to look much further than a plan that skated through the city council just before the holiday recess.

The plan, which passed unanimously, establishes an interim control procedure for residential development in Warner Center that requires new rental and condominium developments to set aside 25 percent of units for those who earn 120 percent or less of the county median income.

The procedure puts into place what is effectively the first affordable housing regulation to hit the city of Los Angeles. And though it is a temporary measure likely to last just two years, it sends a message that is already reverberating through the development community: put up and shut up or we'll get somebody else who will.

For years now, developers have been telling city officials that they need density bonuses and other concessions in order to provide affordable housing and still turn a profit on their projects.

The ongoing debate foiled attempts to institute a citywide affordable housing ordinance, and the effort was quietly scrapped...

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