LA on track to build 100K new homes by 2021, mayor says

Source: KPCC

The city of Los Angeles is on its way to meeting the goal of producing 100,000 new housing units between 2013 and 2021, according to Mayor Eric Garcetti. In the last two years, the city has permitted nearly 26,000 new housing units, and during the last year alone, the city approved $7 billion in new construction. Additionally, in 2017, the city will unveil an online portal that’ll serve as one-stop shopping for developers, where they can deal with everything from building safety to street lights and sanitation. 
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Rent hikes have sparked bidding wars and sent tenants scrambling

Source: OC Register

 

Bidding wars have become more frequent in hot housing markets like Orange County, particularly for rentals amid short supply. Desperate applicants have had to resort to offering to pay a year’s rent in advance; several others have offered to pay at least $50 a month over the landlord’s asking rent. Jane Lewis, property management director for Seven Gables Real Estate, commented, “The rental market is so crazy now, it’s almost like you’re buying a place.” Tenants complain the search process has grown longer and increasingly frustrating, if not financially painful.
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U.S. Construction Spending Hits a New Post-Recession High

Source: Wall St. Journal

According to the Commerce Department, total construction spending climbed 0.7 percent from the prior month to a seasonally adjusted annual rate of $1.083 trillion, which is the highest level since May 2008. Since U.S. construction spending rose to the highest level in more than seven years in July, it appears that the construction sector overall is one of the strongest parts of the economy and could help fuel growth. Private building led the way, with both residential and nonresidential construction hitting new post-recession highs.
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Millennials' Obstacles to Buying a Home

Happy Labor Day!