Permit Approval Drops Midst of Housing Crisis in LA
Soaring interest rates, labor disputes, and a chilled job market all are the pushing factors towards the affordable housing crisis in Los Angeles.
Two independent agencies analyzed the numbers released by the Los Angeles Department of Building and Safety and reported that there is a significant decrease in the number of permits approved in the year 2023 as compared to the previous year.
The most significant decline in the number of permits issued this year has been observed in Council District 5. This district includes the neighborhoods of Bel Air, Beverly Crest, Greater Wilshire, Mid-City West, Palms, Pico, South Robertson, and Westwood.
In Council District 5, the City Council has approved 425 residential units, which is 59.5% fewer than it did during the same period in 2022. Since the number of approved units is 628 fewer than that of 2022, 880 more units must be approved by the end of the year in order to match the 2022 total.
The second-largest drop in the number of permits approved this year is found in Council District 11, which includes the neighborhoods of Venice, Mar Vista, Westchester, Playa del Rey, Brentwood, Del Rey, Playa Vista, Ladera, Sawtelle, and Pacific Palisades.
CD11 witnessed a 64.2% drop in the permit grants. The district needs an additional 621 units of approval before this quarter concludes.
The number of approved units in Council District 10, which includes the neighborhoods of Koreatown, Mid-City, Palms, West Adams, West Pico, and South Robertson, increased by 25.8% or 351 in 2023 compared to 2022.
Council leaders should take required action as financial and housing trouble looms over the entire Los Angeles.
