“Huge Majority of New LA Housing is Apartments and Condos”

The City of Los Angeles is Densifying

In case you doubted that Los Angeles is densifying, new state data reveals that a huge majority of new housing units are multifamily (meaning apartments and condos), as opposed to single-family. In Los Angeles County, between 2011 and 2013, 87.1 percent of new residential construction was multifamily, according to California Planning & Development Report’s crunching of the numbers from the state Department of Finance. (That’s way more than anywhere else in the state–the next closest was San Mateo at 74.2 percent; neighboring Ventura was 73.9 percent and Orange was 55.5 percent.) “There’s been a general trend toward multifamily construction in California since the 1990s – it was temporarily reversed during the housing boom of 2000-2006 – and in the last couple of years rental apartments have been virtually the only housing product for which California developers can obtain financing. And the overall numbers are very low compared to the boom, when 200,000+ housing units were being constructed per year,” according to CP&DR’s Bill Fulton. Meanwhile, the report says the 2013 vacancy rate for all housing in the County is at 5.4 percent.

Curbed LA: Author - Adrian Glick Kudler

http://la.curbed.com/archives/2013/05/apartmentscondos_make_up_87_percent_of_new_la_housing.php

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