The largest housing development in Los Angeles County is gearing up to bring 21,500 units to the Santa Clarita Valley over an approximately 20 year period. But it won’t make a big dent in the housing crisis, experts tell KPCC.
The project will bring a mix of housing in the form of single-family homes, condos, and apartments, with about 10 percent, or more than 2,000, of the units priced at below-market rates. But LA is working with a housing dearth of at least 500,000 units.
So even though this is a massive development, it will “certainly be helpful, but not curative in any sense," Stuart Gabriel, director of the UCLA Ziman School for Real Estate, tells the radio news station.
The project, called Newhall Ranch, was originally proposed in 1994. At the time, developers aimed to break ground in 1998, the Los Angeles Times says. The project faced numerous legal challenges from environmental groups worried about the impact of such a large project on the local ecosystem and air quality.
The project lurched forward recently when the county certified its latest environment analysis and approved two of the five proposed “villages” that would make up the development.
Read the full story over at KPCC.