If you’re a developer wanting to build new housing in the city of Los Angeles, get ready to wait.
A study published Thursday by the Los Angeles Business Council Institute finds that in recent years, new L.A. apartment buildings are taking almost four years to complete on average.
Researchers from UCLA and Cal State Northridge found the city would need to increase the pace of construction more than five-fold to reach a state-mandated goal of almost 457,000 new homes by 2029, based on current approval and construction timelines.
CSUN economics professor Edward Kung , a co-author of the study, said when they looked at apartment buildings developed between 2010 and 2022, they saw that projects were significantly slowed down by needing to go before the city’s Planning Commission.
