Month: October 2023

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Downtown Los Angeles Loft Residents Take a Stand | Community Voices Heard: First and Broadway Park to Remain a Park, DLANC Votes Against Homeless Housing Proposal

REAL ESTATE NEWS – A community initiative led by residents of the Douglas, Higgins, and Pan American lofts have successfully preserved the planned park at First and Broadway (FAB) in Downtown Los Angeles.

Residents came out in numbers last night to voice their opposition to Councilmember Kevin DeLeon’s motion to convert the planned FAB park into “temporary” homeless housing. The Downtown Los Angeles Neighborhood Council (DLANC) voted against supporting the motion, citing the various arguments presented by the community. Loft residents of the Douglas Building, Pan American Building and Higgins Building were there to oppose the planned homeless encampment.

A Unified Effort

Scott Mahoy, who was integral in coordinating the opposition, thanked community members Anita, Deborah, and Allen for speaking eloquently against the proposal. Mahoy acknowledged the collective effort, stating, “It helped that we had a number of us there. Numbers matter.”

Key Arguments Presented

  1. The Need for Parks: Los Angeles ranks 80th in the top 100 most populated U.S. cities for park systems, according to The Trust for Public Land. Advocates stressed the importance of expanding L.A.’s park footprint.
  2. Safety Concerns for Children: Residents pointed out that the proposed housing site is directly adjacent to a very active playground, raising concerns about children’s safety, particularly given the lenient drug policies adopted in L.A.’s temporary homeless developments.
  3. Wasteful Spending: Opponents of the motion cited the millions already spent in planning the FAB park, arguing that another expensive, “temporary” development was wasteful and ill-conceived.
  4. Lack of Support from the Homeless Community: Several homeless individuals and service providers, including DLANC’s own homeless resident director, Rick Young, also opposed the project, stating they would not utilize such housing.
  5. Alternative Solutions: L.A. City Controller Mike Galperin has identified 26 locations across the city totaling 1.7 million square feet that could be more appropriate for homeless housing.

Next Steps

Community members are encouraged to continue their advocacy through calls and emails to Mayor Karen Bass and city council members. As of now, the planned park at First and Broadway will continue to be developed as a community green space, with its original design to be carried out by the award-winning architecture firm Studio MLA.

For more information and to get involved, residents can contact:

For an extensive city contact list, visit here.

Written by Corey Chambers, Broker and Publisher of the L.A. Loft Blog, Founder of Entar Real Estate and Financial Marketing Tech.

For further updates on local real estate trends and community development, follow the L.A. Loft Blog.

If you’re interested in more community updates and real estate opportunities in Los Angeles, reach out to Corey Chambers. Offering valuable insights for both sellers and buyers, renters and landlords, as well as investors, Corey is dedicated to providing exceptional service and information in the L.A. real estate market.

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Copyright © This free information provided courtesy L.A. Loft Blog with information provided by Corey Chambers, Broker DRE 01889449. We are not associated with the seller, homeowner’s association or developer. For more information, contact 213-880-9910 or visit LALoftBlog.com Licensed in California. All information provided is deemed reliable but is not guaranteed and should be independently verified. Text and photos created or modified by artificial intelligence. Properties subject to prior sale or rental. This is not a solicitation if buyer or seller is already under contract with another broker.

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L.A. Loft Book Page 7: The Mills Act Connection

Introducing the Mills Act and how it offers significant tax advantages for loft owners in historic buildings, providing a financial incentive for potential buyers.

An Untapped Goldmine for Historic Loft Owners in Los Angeles

Los Angeles, the sprawling metropolis known for its eclectic mix of architectural marvels, is also home to an array of historic buildings that tell the tale of the city’s rich past. Nestled among the cutting-edge skyscrapers and modern edifices, you’ll find gems of yesteryears that have stood the test of time—historic lofts. For the keen investor or the cultured loft dweller, these edifices offer something far more valuable than mere nostalgic allure: significant financial benefits through the Mills Act.

What is the Mills Act?

Enacted in 1972, the Mills Act is a California state law that offers financial incentives to property owners for the preservation of historic buildings. In essence, the act allows owners to enter into a contract with the local government, committing to restore and maintain the historic property in exchange for a substantial reduction in property taxes—sometimes up to 60%.

The Financial Alchemy

Wondering how significant these tax savings could be? Let’s crunch some numbers. Assume you own a historic loft in Downtown L.A. valued at $1 million. A typical property tax rate in L.A. would be around 1.25%, amounting to $12,500 annually. Under the Mills Act, you could potentially reduce your annual tax liability to $5,000, translating to a saving of $7,500 every year. Over a decade, that’s a staggering $75,000 saved, which you could invest back into the property, or better yet, acquire another piece of architectural history.

The Competitive Edge for Buyers and Sellers

For sellers, being able to offer a loft with Mills Act benefits can make your property more appealing to a broader range of buyers, thereby potentially increasing its value and reducing the time it stays on the market. This is a unique selling proposition that sets you apart in a crowded real estate landscape.

For buyers, especially those considering making a long-term investment, the Mills Act is akin to a golden ticket. The tax incentives can make it more affordable to own a piece of L.A.’s historic soul, making these properties an incredibly smart investment from both a financial and cultural perspective.

A Win-Win for Landlords and Tenants

Landlords, consider this: With the reduced overhead, you could offer competitive rents while maintaining or even enhancing the property’s amenities. In turn, this attracts quality tenants who appreciate the unique charm and history of the building. And for renters, living in a Mills Act property often means enjoying a well-preserved building with a story to tell, without the sky-high rent usually associated with such historic grandeur.

The Investor’s Paradise

For the savvy real estate investor looking to diversify their portfolio, historic lofts backed by the Mills Act offer an enticing package. Not only do they come with tax incentives, but they are also properties that are likely to appreciate in value, given their limited supply and the ever-increasing demand for unique, storied spaces.

Historic Benefits

The Mills Act is not just a policy; it’s a treasure trove for those who value history, architecture, and, of course, smart financial moves. In a city where every square foot counts, this is your way to make those feet work for you, wrapped in the elegance of historical charm.

Los Angeles lofts offer a unique blend of the past and the present. Thanks to the Mills Act, they are now a gateway to a financially rewarding future as well.

So, if you’re keen on buying, selling, or investing in L.A.’s historic lofts, remember: The Mills Act is your connection to untapped financial benefits and cultural richness. Embrace it, and watch your investment flourish.

Request a free list of Mills Act historic lofts. Fill out the online form:

LOFT & CONDO LISTINGS DOWNTOWN LA [MAP]

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SEARCH LOFTS FOR SALE Affordable | Popular | Luxury
Browse by   Building   |   Neighborhood   |   Size   |   Bedrooms   |   Pets   |   Parking

Copyright © This free information provided courtesy L.A. Loft Blog with information provided by Corey Chambers, Broker DRE 01889449. We are not associated with the seller, homeowner’s association or developer. For more information, contact 213-880-9910 or visit LALoftBlog.com Licensed in California. All information provided is deemed reliable but is not guaranteed and should be independently verified. Text and photos created or modified by artificial intelligence. Properties subject to prior sale or rental. This is not a solicitation if buyer or seller is already under contract with another broker.