Welcome back LA Lovers!
There’s no denying the influence that Metro lines throughout Los Angeles have had on the increase in newly developing projects. This is mostly due to the TOC Incentive Program I mentioned before. The Transit Oriented Communities Incentive Program encourages the construction of affordable housing, one-half mile radius surrounding major transit stops.
Earlier this year in June, Metro announced their commitment to constructing 10,000 homes within a half-mile radius of their transit stations by the year 2031 after the revamp of their Joint Development Program in April. This Program is intended to improve residents’ quality of life by partnering with developers and community stakeholders to construct Metro owned properties. Their plan is to provide a live/ work convenience while mandating 50% of the homes to be income restricted for affordable housing. With at least 2,221 homes already developed, 3,098 in progress they are slowly inching towards their 10k goal to execute their mission of “building as much housing as possible, as quickly as possible, for those who need it most”.
It’s expected that the roster of approved developers ,based on submitted Request for Qualifications (RFG), will be approved in early 2024. Then any Request for Proposals based on the alignment with Metro’s Vision 2028 Plan will be submitted following approval. It’s safe to assume that the more negotiations are finalized the more the streets will become packed with construction. All for the greater good of the community though; right?
So what does this mean for those who lack interest in the new shiny buildings coming with luxury amenities and whose only concern is their basic necessities and upkeep of quality of life? Embrace change, as there are multiple sides to gentrification. Immerse yourself in what’s to come so you don’t have the opportunity to feel blindsided by the potential of rent increase and new regulations to be in place. It’s disheartening to see the people of communities become stagnant in the cycle due to lack of information.
You’ll of course stay informed by circling back here for more insight from me every week! In the meantime, I’ll always urge you to do your research about your specific neighborhood and become familiar with new insights concerning your particular community opposed to being dismissive. It’s better to be ahead of the game than to be the last one “in the know”.
Until next time,
Los Angeles To The World 🧡
-Estates with Raevan Grace
More References:
Subscribe to the Los Angeles County Housing Resource Center to discover and remain up to date on new listings you may qualify for.
