Downtown Los Angeles sees a housing revival
Housing is undergoing a renaissance of sorts in Downtown Los Angeles, with momentum returning to the market in recent months as builders look to increase the number of rentals available in the area. Per the Wall Street Journal:
A dearth of apartments is fueling one of the city's largest building booms in years. There are about 14,000 apartment units in downtown Los Angeles. About 5,100 units are under construction, and more than 3,400 units were built between 2008 and 2013, according to Polaris Pacific, a real-estate sales, marketing and research firm. More than 3,000 additional rental units have been approved, with another 7,000 proposed. Meanwhile, there are only 17 condo units for sale and 68 under construction.
"A lot of smart people are saying, 'Now is the time for downtown L.A., for multifamily rental,' " said Mr. Mack, who is part of a New York real-estate family.