LOS ANGELES--(BUSINESS WIRE)--The Building Industry Association’s LA/Ventura Chapter hosted an invigorating exploration on how Los Angeles can increase housing production and reduce costs to provide new homes.
"We must think outside the box in order to House LA to provide housing options for all Angelenos,” said LA City Councilman Gil Cedillo. "The housing crisis has reached a tipping point in Los Angeles. The House LA Initiative I introduced will provide innovative solutions to stimulate the production of new units and promote the preservation of affordability. I look forward to a public-private partnership to accomplish our housing goals."
Discussion at the summit focused on increasing housing production, while reducing the cost of housing and began with a report on the housing crisis in the City of Los Angeles by Brian Uhler from the California Legislative Analyst’s Office. Los Angeles has the most unaffordable purchase and rental costs in the nation. “In the last 30 years, LA County needed to build nearly three times more homes than were actually built in order to prevent housing costs rising faster than the U.S. average,” said Brian Uhler. Estimates indicate that the City needs over 100,000 homes just to keep pace with existing demand.
The Mayor of Los Angeles, Eric Garcetti, delivered the keynote address to the more than 200 attendees at the sold-out summit. “You are our home builders. We need you,” exclaimed Mayor Garcetti.
“The major cause of LA’s lack of price-attainable housing is that the annual growth in housing units is now less than half that of the U.S. average,” said Tim Piasky, CEO of the LA/Ventura Chapter of the Building Industry Association.
“It’s simple. We need more housing to make it more affordable,” said Piasky.
About Building Industry Association
The Los Angeles/Ventura Chapter of the Building Industry Association of Southern California, is a non-profit trade association representing nearly 1,000 member companies in the housing industry, construction trades, and affiliated businesses throughout the region. The BIA advocates on behalf of the homebuilding industry. Visit its Website at www.bialav.org.