LOS ANGELES–ORANGE COUNTY, CA
Los Angeles has the third-largest economy of any city in the world – behind just Tokyo and New York. Zoning laws that favor single-family dwellings have pushed development outwards, and now the area is running out of usable land.
This explains both the high cost of living and the damaging effects of wildfires. Fortunately, redeveloping areas closer to downtown into higher-density, mixed-use neighborhoods can solve both problems simultaneously. To this end, officials have amended zoning laws across the state. It will take time for the full effect to be felt, but early figures are promising, as renovations make up more than half of all residential spending already.
Even so, the overall LA market has had a tepid showing in recent years and is expected to continue. Things like earthquakes and wildfires pose unique threats to the area, and combined with a higher-than-average cost of living have deterred prospective residents. Fortunately, however, the above amendments to the city code and compliance with seismic ordinances could add billions of dollars in renovations alone. As California looks to become a leader in sustainability, LA is expected to invest heavily in transit infrastructure – the largest projects are all expansions of the LA metro.
* Other structures include religious buildings, amusement, government communications, and public recreation projects.
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