There are a lot of big things happening in Los Angeles in the coming years, many of which will have an affect on the housing market. Let’s take a look at some big events on the horizon as well as a new study:
First up, a brand new NFL stadium and future home to the Rams and Chargers is under construction in Inglewood. But this is not just a stadium; this is a massive development that will include numerous businesses open seven days a week, not just Sunday. The city of Inglewood is looking to vastly improve public transportation and build out new housing and retail in the Crenshaw/Inglewood intersection. They expect smaller developments to pop up along Imperial as well.
The stadium was pushed back a year due to last winter’s heavy rain fall and is expected to officially open for the 2020 NFL season. This gives Inglewood city officials time to make a decision in early 2018, giving them two years to line everything up for the new stadium. Get more details from the original story.
Next up, and much more far off, is the 2028 Summer Olympics to be hosted in Los Angeles. The 2028 Olympics will have a similar effect as the NFL stadium but it will envelope a much larger chunk of LA. Mayor Eric Garcetti has his “28 by 28” plan that looks to accelerate 28 transportation projects before the 2028 Olympics. Additionally, this correlates well with Garcetti’s goal of reaching 100,000 new housing units by 2021, which is already two-thirds complete.
Big sporting events and lots of housing developments but do we really need all of that? A new study makes a pretty good argument in favor of all the development: the Southern California Association of Governments estimates an additional one million residents in Los Angeles by 2035. That’s nearly a 10% increase to the city’s 10.2 million current residents! At the very least it puts the sheer number of the housing developments into perspective.