Over the past three years, one of the steadiest and best performing markets nationwide has been San Diego. The Southern California metro did not experience as significant of a decline in housing demand and rents seen in Los Angeles and San Francisco in the early days of COVID-19, but the metro had a very strong recovery in 2021 and 2022.
As multifamily fundamentals have been deteriorating nationwide, performance in the second largest U.S. city has been mediocre in recent months. While many key operating metrics declined over the past 12 months, Los Angeles is holding its own and its’ declines are modest L.A. is not growing like its Gateway peer markets in the Northeast and Midwest, yet it’s also not declining like San Francisco.
Los Angeles voters approved Measure ULA in November of last year, a proposition that will create a new tax on real estate sold for $5 million or more. According to the proposition, the tax proceeds will be used to fund new affordable housing projects and homelessness initiatives.
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