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Someone Has Plans to Acquire Tons of Middle Class Housing in Los Angeles

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Updated 6/4: There's a building boom going on in Los Angeles, but most new apartment buildings seem to be listing toward wealthier renters, and the housing crisis has the city focused on creating more housing for lower-income people, but what about the ones who are in the middle—not rich enough for luxury developments, but too wealthy to qualify for affordable housing? With those people in mind, Bobby Turner, CEO of Santa Monica-based Turner Impact Capital, has announced plans to start a fund pledging $1 billion toward *acquiring apartments for people who make 80 percent of the area's median income, reports the LA Business Journal. Update: The fund only intends to buy buildings in this range, not build them as previously written.
· Bobby Turner Plans Apartment Buying Spree [LABJ]
· Los Angeles Has the Biggest Disconnect in the US Between Wages and Rents [Curbed LA]
· Los Angeles's Big Plan For Pulling Out of Its Housing Crisis [Curbed LA]
· The Average LA Worker Still Can't Actually Afford to Live in LA [Curbed LA]