(Photo via Blogging LA)
Goodbye, open land. The future of Southern California is chock full of condos and apartments, but far fewer single-family residences, reports today's LA Times. Sixty percent of residences built in 1993 in Los Angeles County were single-family homes; in 2006, 38% of residential construction was single-family and 62% was apartments and condos. And Los Angeles approved more than 14,000 condos and apartments (which is almost three times the number of single-family residences) for construction in the San Fernando Valley over the last six years.
Why is this happening? Affordability. "Condos and apartments are cheaper to build than houses, largely because less land is required per unit. They are also cheaper to sell or rent, and with the median price of a single-family residence in Orange County at $724,000, many potential buyers can afford only condos, she said. They also appeal to younger buyers." Plus, the paper notes: "Planners, elected officials and developers" are embracing the trend towards a more dense Los Angeles.
· Southern California is becoming a tight fit [LA Times]