Multifamily developers are slamming the brakes on projects across Los Angeles, despite high demand and some of the most-expensive rental rates in the country. A roller-coaster of development regulations in the past five years has caused lenders like pension funds and insurance giants to turn their backs on financing L.A. projects, the Los Angeles Times reported. Measure ULA, the law that levies additional taxes on real estate sales above $5 million, has been another obstacle that many developers either can’t or are unwilling to overcome. “L.A. has been redlined by the majority of the investment community,” Ari Kahan, principal of […]
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