Businesses in Los Angeles County are growing much more concerned about the housing crisis, increasing costs and the rise in homelessness resulting, in part, from the lack of affordable and available housing options.
The Los Angeles Business Federation (BizFed) – of which SBAOR is proud to be a founding member – today released the results of its Annual Pulse Poll which takes the temperature of the business community each year. This year, BizFed’s poll found that housing issues “moved from low-level concerns in 2017 to among highest priorities of the business community in this year’s poll.”
“Business leaders are ringing the alarm bell on the housing crisis,” Tracy Hernandez, BizFed Founding CEO, said in a statement today. “Most importantly they’re drawing the connection between the high cost of housing and the County’s astronomically high poverty rate, as well as their evaluation of whether to relocate their business.”
BizFed noted in its statement today that “housing costs also leapt to the top of mind of business leaders in this year’s poll. The issue moved from a relatively low priority concern just one year ago, to the top three most pressing issues facing the region.”
The Annual Pulse Poll found that housing affordability was identified as by far the most important underlying factor to high rates of poverty in the County. More than half of respondents (51.6%) identified housing as among the reasons business and jobs were leaving LA County and/or California.
SBAOR has been joining with other Associations of REALTORS® and our friends and partners in housing policy to call for increasing the supply of housing. More housing units is the most effective solution for meeting the continued demand in Los Angeles County and elsewhere throughout California.