Experts talk LA housing shortage, millennials and the “LAIR” at The Real Deal s Westside forum The Real Deal panelists explored the future of residential development
Kacy Keys, Tom Wulf, Tami Hardee, Steve Fifield, Jeffrey Cooper and Hiten Samtani
It’s no secret that Los Angeles has a serious shortage of affordable housing. Gubernatorial candidates are pledging a dramatic increase in new housing and Mayor Eric Garcetti is claiming state Senate bills don’t do enough.
In the Westside, home prices have skyrocketed amid low supply. Proximity to the beach has always helped.
The residential real estate market took center stage at The Real Deal’s Westside forum on Wednesday at the Water Garden in Santa Monica, where experts in a variety of industries offered insight on existing conditions and what the future may bring.
“There’s a misguided impression that we have an affordable problem,” said one of the panelists, Fifield Companies’ founder and CEO Steven Fifield. “We actually have more of a workforce housing problem.” Fifield said that Angelenos at the top and the low end of the job wage-earning scale have housing, but those in the middle are struggling to find places to live.
Residential brokerage owner Tami Pardee, the panel’s residential expert, said there has been an increase in the number of people sharing bedrooms so they can afford to live in Venice. Her clients, many of them Silicon Beach techies who work at places like Snapchat and Google, aren’t exactly low-wage earners, either.
“There’s gotta be some changes made on a public level,” she said.
Tom Wulf, an executive at Lowe, said the city’s building regulations, particularly regarding density, need to be addressed. “We need a global change.” In 2016,上海贵族宝贝