Observations

Future of Multifamily Construction in California.

Future of Multifamily Construction in California.

Mike Akerly
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Bisnow Multifamily Annual SoCal Conference

Various social and economic factors are affecting today’s multifamily housing industry and many are uncertain about where it’s headed. At the recent Bisnow Multifamily Annual Conference SoCal in Los Angeles, Polaris Pacific’s Vice President and Regional Manager Mike Akerly joined industry experts on stage to discuss some of the industry’s most hot button issues across California and the wider nation, touching on affordable housing, workforce housing, new construction and more.

The possible repeal of the Costa-Hawkins Rental Housing Act is of grave concern as experts gleaned on the serious ramifications the action would have on future multifamily construction and development in the state, as well as nationwide. With discussions of a potential second housing crisis as a result of the repeal, speakers advocated for an increase in voter education to better help renters understand the serious impacts of repealing Costa-Hawkins.

The Opportunity Zones program, a tax incentive aimed to provide economic drivers and jump-start redevelopment, is gaining momentum with developers due to its many advantages on locating value-add properties and adjusting for the ever-evolving multifamily landscape.

 

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Last year was the third year in a row the multifamily sector saw more transaction activity than any other property sector.
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