Opinion: Learn the lessons of Los Angeles’ HHH
It didn’t have to be this way. For years, my office identified the high costs and slow pace of development as key problems to address. Costs jumped from $350,000 per unit in 2016 to nearly $600,000 in 2021. One project where construction hasn’t even begun is estimating per-unit costs of $837,000.
Some of the increases were preventable, like those created by bureaucratic red tape, and some, such as the spike in building material prices, were less so. But even the cost increases driven by market forces could have been curbed by using more funds to acquire existing and a more efficient development process. If Los Angeles does not find a way to bring down costs, some of these projects could rise to $900,000 or $1 million per-unit all too soon.
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