The Los Angeles multifamily sector has been and remains one of the nation’s top metropolitan rental markets. Renter demand continues to outweigh supply despite the state’s requirements to aggressively add new housing units. In 2021, the Los Angeles City Council approved the Housing Element Update 2021-29 as a guide for developing just over 450,000 new market-rate and affordable housing units. With rising labor and materials costs as well as the higher interest rate environment, it will be a challenge to meet that new housing goal by 2029.
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