The Expert Podcast

• There is an ongoing shortage of homes that needs to be addressed quickly to avoid more homelessness and further price hikes in housing.
• Despite a slowdown in real estate transactions, housing prices are still expected to rise due to supply and demand issues.
• Los Angeles is facing an acute housing shortage, making it a hotspot for both the housing crisis and homelessness.

• LA Times reports that the city knows housing must be built fast, but the City Council is delaying plans to expedite construction.
• Two community plans are sitting idle, which would help developers increase housing units in downtown LA.
• Political gridlock and scandals are the main reasons for the delay.

• California's land use plan requires 450,000 new homes by 2029 to meet state requirements.
• In reality, the state likely needs more — around 500,000 to 600,000 homes — to accommodate population growth.
• Plans for downtown LA aim to add 100,000 new homes in the next 20 years, but only 20% of that will be done by 2029.

• Business groups, Chinatown owners, and Hollywood investors are all voicing concerns about where and how new housing should be developed.
• These conflicting opinions and interests are preventing progress on new housing.

• If Los Angeles needs 450,000 new homes, that represents 10% of the nation's total housing shortage.
• The U.S. is estimated to be short 5 million homes, but current construction rates (about 1 million single-family homes per year) are not enough to meet this demand.
• With high interest rates and production costs, the housing shortage is expected to continue, keeping prices high and preventing a housing market correction.

• The housing growth rate is not keeping up with demand, and without enough houses, prices will remain high and make homeownership out of reach for many.