LA Developers Blast Measure ULA and Wildfire Rebuilding at TRD Roundtable
Industry leaders sound off on Measure ULA and rebuilding efforts at The Real Deal's roundtable event in Hollywood.
Developers from across the Los Angeles region gathered for The Real Deal's first roundtable event in Hollywood to discuss current market trends and pressing issues facing the city. Among the topics discussed, Measure ULA and wildfire rebuilding efforts were top of mind for many attendees.
The controversial "mansion tax" known as Measure ULA has been a major point of contention for developers and homeowners alike, with many feeling that it has pushed them out of the city. Aaron Kirman, CEO of Christie's International Real Estate Southern California, expressed his frustration, stating, "Buyers and sellers are absolutely disgruntled over ULA, and it is not going away. It's actually getting worse every day."
As the development industry continues to grapple with the effects of Measure ULA, wildfire rebuilding efforts have also been a major concern. Many developers and homeowners have faced challenges in rebuilding their properties due to red tape and other bureaucratic hurdles.
Nick Segal, CEO of Partners Trust, highlighted the difficulties of rebuilding, stating, "It's a crisis situation. We have a lot of people who are having a hard time getting back into their homes." Other attendees echoed similar sentiments, with some calling for more streamlined processes and government assistance.
The TRD roundtable event also shed light on the influence games and soft corruption that often plague the industry. Developers and city officials alike acknowledged that relationships and connections play a significant role in the development process, with some even admitting to utilizing "buddy deals" to get projects approved.
Despite these challenges and controversies, the event also highlighted the resilience and innovation of the development industry in Los Angeles. From adapting to changing market conditions to finding