LA needs more rental units like it needs another earthquake, but that isn't stopping chronic Taco Bell Tuscan developer Geoff Palmer from bringing in a lot more.
The Downtown News reports:
Despite the slumping economy and falling rental rates, his Brentwood-based company, G.H. Palmer Associates, expects to break ground on Piero II, a 335-unit apartment building at Sixth and Bixel streets, at the end of the month. The project abuts the original 225-unit Piero, which was completed in 2004.
On Friday, Jan. 23, Palmer's latest proposed Downtown project, the 670-unit Da Vinci, will have its first hearing before the city Planning Department, initiating a process that, barring any major hiccups, would allow for a 2011 groundbreaking, Palmer said via email.
If you wonder why most movements in Los Angeles are unable to get any traction, as well as why homeowners don't have any say, as well as why only 15% of the City's voters will vote in the March 3 election, as well as why nobody ever runs meaningful City Council races anymore, as well as why there is no affordable housing except by lottery, as well as why the City can even consider parcel taxes as a potential source of revenue for various pet projects, it's all for one reason: the City's out of whack owner-occupied-to-renter residential ratio.
There should be a moratorium on new rental units---we had all we needed even thirty years ago---but instead we'll watch developer doormat Gail Goldberg rubber stamp another for the Mayor.