I feel the pain. What’s not mentioned is that by the time it’s built, any developer fees for the project have likely been expended a while ago. Staff and overhead costs are paid by rent revenue that is shared by the local jurisdictions at 50%-85% favoring the jurisdictions. (And the jurisdictions need those fees.) Many of our key staff doing the work, services, case management, and property management often live with salaries that income-qualify them to live in the units. But at this rate, there aren’t enough units being produced in a timely manner to accommodate them. Suggestions anyone? #reduce #redtape #affordablehousing #matters
The long and challenging journey of a 49-unit affordable housing project in Los Angeles, taking 17 years and still incomplete, exemplifies the complexities and bureaucratic hurdles in urban housing development. This case underlines the critical need for streamlined processes and a focus on affordable housing, as highlighted by recent political efforts. For more insights, read the full story [here](https://lnkd.in/eHy_EpEr).
Michael Banner
9mo
Depressing but, not uncommon in the City of Los Angeles. It was several elected officials and numerous well compensated civil servants job to get this housing done in a realistic timeframe. The cost of inaction is astronomical and usually no one is held accountable.
Dominique A.
10mo
Wow! So it looks like paperwork (per usual) is the biggest delay. TN has found that streamlining the process (permitting, etc) is the 1st key to success. I’ve also found that building a network of social impact investors helps move capital along.
Lynell Bevels
10mo
This is absolutely absurd that people who create and sustain this kind of beaurocracy continue to have a voice and deminishing value in this space. A complex problem no doubt with too many “cooks” in the kitchen destroying the delicate balance of what could be the perfect recipe to collaborate with informed stakeholders to support swift affordable housing initiatives across our communities. “By the time a for-profit developer factors in the cost and the time it will take to construct new housing, the only way the units pencil out in terms of profit is if they are selling or renting for top dollar. Complicating that is the fact that developers are increasingly targeting comparatively less expensive land in lower- to middle-income neighborhoods for their developments. For them, that's where the value is.” Alan Dones what are your thoughts?
Shannon Bush
9mo
Yes, from what I see the bureaucratic issues are part of it, I see from my end on the consulting side if you don't' have the correct financial partners, well established developers and contractors to keep the deal fast tracked into construction, it can have really devastating consequences on the timing which can make a deal very quickly move into the red and not pencil out.
MJ Williams
10mo
We have similar barriers in Fresno. Political agendas usually stand in the way of progress causing our marginalized and underserved residents to suffer due to the lack of affordable housing options.
I have many but the implementability given the current political headwinds is debatable. LA has a lot of reckoning to do with systemic racism and zoning/housing laws.
Strategist for urban development projects, issues mgmt., legislation, campaigns, Esp. skilled at: strategic conceptualization/positioning, communications, coalition bldg., negotiations, expert witness work.
9moI would have moved on long ago.