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CEO Report – February

Freeing Up Real Estate – For Our Community

I’m not going to talk to you about the housing crisis because that topic has been paid enough lip service. Instead, let’s focus on solutions that work. And let’s start by looking at the facts:

– Less than 7% of the land in California is Developed.
o 24% is permanently protected from ever being developed
– LA City was originally zoned for 10 million residents o Through restrictions and zoning cuts it now only can hold 6 million
– LA City recently identified 10,000 parcels… it didn’t know it owned o That land is under utilized
– Development now takes years to even clear planning o That is years of lost money and opportunity

It’s not just the housing that is in crisis, it is the leadership that is truly in crisis.

Which is why C.A.R. made a bold move to sponsor a ballot initiative that incentivizes homeowners over the age of 55 to become mobile and move to more suitable housing options – without losing their low property tax rates. Thinking it through, this initiative:
– Opens up existing housing (about 40,000 units per year) to new owners o Which means increased property taxes from new owners – benefiting cities
– Allows people who feel financially “trapped” to move where they want o By keeping their cost basis in line with their income levels
– Creates a stop-gap solution for our housing crisis while we tackle other problems that exist o Solving the situation will require a number of solutions.

So while you sometimes wonder, “where does my dues money go?” This answers it –
– Right back to you and your communities to provide for your community’s needs!

We are working locally too. And we want you to hear all about it.

Come hear more:

“The State of Real Estate – Los Angeles”
February 23rd
2-5PM
Sofitel Hotel, Los Angeles
Register online @ www.BHGLAAR.com/Calendar

Where we will have:
– C.A.R. CEO Joel Singer
– C.A.R. Chief Economist Leslie Appleton Young
– BH/GLAAR Leaders Steve Drust, Marco Rufo, Ryan Hass, Sandra Miller, and MORE talking about the changing face of our community.

This is your opportunity to see exactly what your dues dollars are doing for you.