17 Oct Multifamily Design Trends 2019 – Los Angeles vs. New York
Are you planning on investing in multifamily properties in the Los Angeles area or New York but can’t decide on which area you should invest in?
Before investing in a multifamily investment property it’s best to look at multifamily design trends to determine which areas would be ideal for investment.
Learn More About Los Angeles Multifamily Housing
As of 2019-2020, the housing crisis in California has reached epic proportions and we need more housing now rather than later. The big question is will cities like Los Angeles respond and change zoning laws to accommodate density in neighborhoods?
Right now Los Angeles has a Nimbyism problem. This means that there are more people in the LA area who are willing to fight new developments rather than being willing to build more residential housing here so very little housing construction progress is being made.
Could this change in the next several years? We can only hope.
The reality is that it may take a political response to kickstart housing construction in Los Angeles and other areas across the State of California if real progress if going to be made with creating more housing in California in the coming years.
What’s Happening with Multifamily Design In New York?
In New York, the city has a greater tolerance for density since it’s something that’s literally been woven into the soul of the city for over 100 years
Sadly, New York also suffers from a housing supply problem and NY renters are also dealing skyrocketing rent increases like what renters in the LA area have seen in recent years.
Will NY be able to build more housing supply to keep up with the demand? The answer to this question is it depends on development costs because they are traditionally higher in NY than they are in LA.
Instead of new housing construction in New York, it’s likely that NY area residents will see more existing structures in areas like Harlem, Queens, or The Bronx converted into mixed-use and smaller multifamily buildings.
Los Angeles Continues to Attract the Worlds More Well-Known Architects
The good news about housing construction in the Los Angeles area is that LA has continued to attract architects from around the world like Frank Gehry because there isn’t an architect who doesn’t want to have their name connected to a building in Los Angeles.
While we wait for housing construction to accelerate in the coming years, we do have reason to hope that the City of Los Angeles will be ready to meet the transportation demands of more people living here in the coming years.
For example, the light rail mass transit system in the Los Angeles area has undergone vast improvements and there’s hope that more people will want to utilize this form of transportation in the future to avoid the brutal commute in LA.
The Bottom Line
In spite of the short-term issues that have been slowing multifamily housing construction in Los Angeles, we see LA as being the best option for investors who are looking to build or invest in multifamily housing projects.
Within the coming years, we’re going to see more high rise multifamily construction in the LA area but these won’t just be buildings like those which were built in the 1950’s and 1960’s. Future multifamily construction in LA is going to be mixed-use buildings that also offer tenants a variety of amenities and a sense of community.
With more multi-family buildings being purposely constructed with the express purpose of being built to accommodate the location and community, this will attract more people to Los Angeles and continue to make LA a top relocation destination for years to come.
Contact MW Real Estate Group
To learn more about multifamily development in the Los Angeles area, or to speak with us about our property management services, contact us today by calling (213) 927-2117 or connect with us online.