LA Housing News 🏠 | California Affordable Housing Fight

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NOTABLE SALE
$3,000,000 DEAL BY SUPERSTAR ROCKER

MARKET: Hollywood Hills
ASSET TYPE: Single Family
SALE PRICE: $3,000,000

Pablo Dylan, son of Jesse Dylan, Brought a Hollywood Hills home for 3 Million dollars. The 1950 Spanish was formerly owned by Ben Mckenzie

NEWS
ROD STEWART RAISES PRICE OF BEVERLY PARK MANOR

ARTICLE TLDR

• Rod Stewart is selling a home for $80 Million

Rock legend Rod Stewart is selling his Beverly Park mansion for a whopping $80 million, up from $70 million in June. The 28,000-square-foot estate boasts nine bedrooms, 12 bathrooms, a speakeasy, a tea room, and more. Stewart, who lived there for 30 years with his eight kids, said he wants to leave LA's "toxic culture" and enjoy more privacy in Europe. The mansion is in a star-studded neighborhood, home to Bieber, Adele, and Washington.

NEWS
LA MAYOR’S FAST-TRACK HOUSING DIRECTIVE

• LA Mayor’s emergency order to speed up affordable housing construction causes displacement of some low-income renters and sparks controversy.

LA Mayor Karen Bass has issued an emergency order to fast-track the construction of affordable housing and shelters in the city, skipping some public hearings and reviews. The order aims to address the housing crisis and homelessness in LA, but it has also caused some unintended consequences. Some low-income renters have been evicted from their rent-controlled units to make way for new developments. Tenant advocates are calling for more protections and inclusion for the existing residents, who fear being displaced and priced out of their neighborhoods. Bass said she is listening to the feedback and will work to prevent the loss of low-cost apartments and the gentrification of South LA.

NEWS
CALIFORNIA SUES CITY OVER AFFORDABLE HOUSING DENIAL

• Bono is coming to LA

The state of California has taken an unprecedented step to intervene in a lawsuit against the city of La Cañada Flintridge, a wealthy suburb of Los Angeles, over its rejection of a mixed-use, mixed-income housing project. The project, proposed by Cedar Street Partners, would create 80 residential units, 14 hotel units, and 7,791 square feet of office space at 600 Foothill Boulevard. The state argues that the city violated the Housing Accountability Act, a state law that prohibits local governments from denying affordable housing projects if they do not have a compliant housing plan. The state's intervention, led by Governor Gavin Newsom and Attorney General Rob Bonta, is the first of its kind and signals a strong commitment to enforcing California's housing laws and holding cities accountable for meeting their fair share of housing needs. The state hopes to set a precedent for other cities that are resisting affordable housing development and contributing to the housing crisis and homelessness in California.