The Big Bond
Los Angeles is putting the largest municipal housing bond ever on its ballot this November. The $1 billion bond would pay for an estimated 20,000 affordable units and create a home loan program for workers priced out of the current market. Several city councilors pushed for the bond after inclusionary zoning legislation went nowhere, and the city’s housing trust fund ran low on money. Business, labor and the mayor support the bond, but it’s hard to say if voters will. (LA Times, 7/31)
Alan Mallach, senior fellow of the National Housing Institute, is the author of many works on housing and planning, including Bringing Buildings Back and Building a Better Urban Future: New Directions for Housing Policies in Weak Market Cities. He served as director of housing and economic development for Trenton, N.J. from 1990 to 1999. He is also a fellow at the Center for Community Progress and the Brookings Institution.
National Housing Institute
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