LA Mayor Eric Garcetti’s idea to have developers pay fees to help fund affordable housing received a thumbs-up Tuesday from the LA City Council’s Planning and Land Use Management Committee.
The committee unanimously endorsed the proposal.
The linkage fee would bring in around $75M to $92M a year, Curbed Los Angeles reports.
This would help pay to build 1,500 new affordable units a year for residents with lower incomes, nearly doubling the number built last year.
Both residential and commercial developers would have to pay the linkage fee.
Under the plan voted on, the amount paid would depend on the real estate market as defined by the city’s community plans. Fees could range from $3 to $5/SF for new commercial projects and from $8 to $15/SF for new residential ones.
The money would also help preserve affordable units that are on the market, according to city planning officials.
Opponents to the proposal showed up at Tuesday's meeting to voice their concerns that it would discourage some developers from building at all.
The LA city attorney must now draft a linkage fee ordinance, which will need city council approval.
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