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    California is building fewer homes. The state could get even more expensive

    Ken Kahan makes a living building homes. A specialty? Luxury apartment complexes in Los Angeles neighborhoods such as Palms and Silver Lake filled with mostly market rate units, but with a handful of income-restricted affordable ones as well. It can be a good business, but lately less so. "We have pulled back," said Kahan, the president of California Landmark Group. "The metrics don't work." ...
    by Andrew Khouri, Los Angeles Times Apr 04, 2024 4 minutes
    Construction is underway at 2900 Wilshire Blvd., a $300 million high-rise apartment complex in Koreatown on April 23, 2020, in Los Angeles.

    Ken Kahan makes a living building homes.

    A specialty? Luxury apartment complexes in Los Angeles neighborhoods such as Palms and Silver Lake filled with mostly market rate units, but with a handful of income-restricted affordable ones as well.

    It can be a good business, but lately less so.

    "We have pulled back," said Kahan, the president of California Landmark Group. "The metrics don't work."

    Across California and the nation, developers moved to start fewer homes in 2023, a decline some experts say could eventually send home prices and rents even higher as supply shortages worsen.

    Developers cite several reasons for delaying new projects. There's high labor and material costs, as well as new local regulations that together make it harder to turn a profit.

    Perhaps the to buy a home, but they add additional costs for developers who must shell out more money to build and manage their projects.

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