[SOLVED] Housing Affordability in Los Angeles

Write 6 pages with APA style on Housing Affordability in Los Angeles. However, buying a home remains to be a major challenge to the majority of the LA residents. While compounded with the relative lack of an adequate market supply together with the continued problems coming from the lending markets, homeownership for the LA residents remains to be an elusive goal (Halle & Beveridge, 2013). To help solve the problem of the housing problem in LA, it is essential to pursue a coordinated effort that involves, strong political will, assurance towards availability of required funds on long-term basis and participation of different stakeholders for building dense, high-rise, low-cost residential apartments. The trend of housing costs has been increasing for many decades, thus prompting the policymakers into forming an Inclusionary Zoning Policy (Parson, 2005). The policy was to help with regulating the housing prices in Los Angeles County.&nbsp.The median price for buying a new house in Los Angeles County is $450,000. Such prices end up affecting all people in exception of the wealthiest families on their chances of buying a home. Facing the pressure of ‘doing something’ in regards to solving the region’s housing affordability crisis, the Los Angeles local governments decided to turn into the inclusionary zoning ordinances. The time for implementing this policy was back in 1978. The policy had the purpose of lowering the price, and thus the value and lowering the percentage of new homes (the United States, 2009). Through this policy, house builder and subsequent house owners were forced into selling or rent their homes in a manner that they are ‘affordable’ to the specific income levels. The price controls through this policy were subject to set using different formulas in a manner that ‘inclusionary’ units had to be affordable to the very low-income earner, affordable to low-income earner, or affordable to the moderate-income households.

 

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