Must Read | Measure S | Vote NO and Why It Matters via Peter Loewy
A strong anti-development initiative is set to appear on tomorrow's ballot in Los Angeles. As real estate professionals, I wanted you all to be aware of this and understand why not only you should vote no, but also you must reach out to your contacts and encourage them to do the same.
What is Measure S?
Measure S is an initiative that seeks to curb development in Los Angeles. The Measure insists that the limits on development in Los Angeles are currently too lenient (if anyone has ever built in the LA area I am sure you would have strong opinion in favor of the opposite). Measure S argues that LA’s community plans that guide development throughout the city are outdated and need to be changed. It proposes a two-year moratorium on any changes to these plans, zoning changes and various other entitlement allowances that would effectively halt many projects.
But doesn’t Measure S only affect large projects?
While that is the intent. I’d urge you to look back at the 80s when Proposition U was passed. Similar to Measure S its proponents stated it would solely affect large scale community shifting projects. However, history proved that was not the case. Builders in every arena and size to this day experience the ramifications of Measure U any time they wish to build a new project. Measure S will have the same if not larger effect on our markets.
Why Should We Care?
Anti-development proposals such as this, want to stall our cities growth and encapsulate the city in the past. What cities and our industries need are innovation and speculation. While an argument can be made that too much innovation may be a bad thing (as you look out your window at whatever eye sore was recently built), Measure S is absolutely not the way to handle such issues.
Stemming growth will stagnate the real estate industry, create a housing shortage and limit the market from growth. This will have a devastating impact on future building and sales and combined with the anti-mansionization bill that just passed the City Council will have a chilling effect on development projects in LA. I highly encourage you all to get out and vote No on this proposition and to encourage your network to do the same.
The Los Angeles Times, CAR, NAR, Los Angeles City Hall and Forbes have all spoken out against the Measure – please do the same.
For more information on this look into the following articles:
Forbes | Measure S Would Grip Los Angeles In A Housing Shortage
LA Times | Making Sense of Measure S, the Latest Battle in L.A.'s Long War Over Development
Curbed LA | Meausre S: 8 Things to Know About LA's Anti-development Ballot Measure
