The Los Angeles market has continued the slowdown that began at the beginning of the year.
It has one of the highest costs of living in the country, and restrictive zoning laws mean that almost all developable land is already in use. To this end, officials have amended zoning laws across the state particularly with support from Mayor Karen Bass with a hope to provide more affordable housing and support for small business.
Despite the slowdown, the city’s strong economy has reliably supported new construction. This is especially true of the entertainment and technology sectors, of which LA is a leader. Los Angeles has the third largest economy of any city in the world, behind only Tokyo and New York. Elements indicating a slowdown are starting to be seen across the city particularly in the urban cores.