Los Angeles’ Executive Directive 1 has made all-affordable housing the most competitive development play in the city. Developers are increasingly opting to build 100 percent affordable apartments as a way of getting projects through the approval pipeline faster, as entitlement timelines shrink from about a year for market-rate projects to 60 days for fully affordable endeavors, the Wall Street Journal reported. Since the city rolled out ED1 in late 2022, developers have filed plans for about 42,300 income-restricted units, with roughly 31,700, or 75 percent approved so far. That’s more than double the city’s affordable approvals in the three years […]
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