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  • Bisnow: LA Multifamily Developers Coming Up Against Big Hurdles, Watching Pipelines Dry Up

Bisnow: LA Multifamily Developers Coming Up Against Big Hurdles, Watching Pipelines Dry Up

Jun 2, 2023

Leadership from CityViewCalifornia Landmark Group and affordable housing developer Wakeland Housing say that after their current roster of under-construction projects is completed, their pipelines, especially in Los Angeles, will “fall off a cliff.”

CityView and California Landmark Group, which develop market-rate projects, cited issues such as the new real estate transfer tax, Measure ULA, which went into effect in April, and other city regulations such as the decarbonization ordinance passed last year and state-level requirements about rent increases.

“One of the projects that we’re currently entitling in Los Angeles, when we look at the potential exit valuation and the impact of ULA, it’s going to be anywhere from an $18M to $20M hit,” Adam Perry, CityView partner and senior vice president of development and construction, told an audience at Bisnow’s Los Angeles Construction & Development Conference at The Biltmore Los Angeles hotel last week.

“It just makes it very difficult and challenging to get projects approved and to underwrite them in the city of Los Angeles right now,” Perry said.

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