Los Angeles developers are shying away from building more units despite an ongoing housing shortage in the city. Those in the industry say the market has reached a point where new apartment construction simply doesn’t pencil, the Los Angeles Times reported — and the numbers agree. L.A. County delivered 2,376 new apartment units in the first half of the year, down nearly 9 percent from the same period last year, according to Kidder Mathews. About 25,636 units were under construction, marking a roughly 15 percent decline. Interest rates that jumped after 2022 have made financing far more expensive, while construction […]
This article originally appeared on The Real Deal. Click here to read the full story.
