Condos for ‘Affluent’
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Rather than gentrify South Park to the detriment of low-income residents of the blighted area southwest of the Civic Center, the Community Redevelopment Agency (CRA) has taken pains to preserve and expand low- and moderate-income housing there. To date, the agency has helped rehabilitate more than 700 such units. Property owners who take advantage of CRA’s help must guarantee low rents for their tenants, thereby stabilizing the community.
New apartment buildings such as The Metropolitan today must earmark at least 15% to 20% of the units for low-income renters. Future projects will be required to devote up to 40%. The balance are market-rate units that cater to middle- and upper-middle income downtown workers, not the affluent.
JOHN TUITE
Los Angeles
Tuite is administrator of the Los Angeles Community Redevelopment Agency.
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