)
Los Angeles has become a lightning rod in the nationwide discussion around affordable housing.
LA Mayor Karen Bass recognized this as an immediate problem to address when she took office in December 2022. After declaring a state of emergency over the homelessness crisis in LA, her first move was to create the Emergency Operations Center, which helps expedite the process of moving people into temporary housing in the city. On Gimme Shelter: The California Podcast, Bass said that the Biden administration could meet its goal of reducing homelessness in the U.S. by 25% in two years by focusing on just the city of LA.
The staggering need for more affordable housing in LA will be one of many topics discussed at Bisnow’s Los Angeles Multifamily event. Register here to attend and hear from some of the biggest names in Los Angeles multifamily including SoLa Impact’s Martin Muoto, Abode Communities’ Holly Benson and Standard Communities’ Jeffrey Jaeger.
Standard Communities principal and co-founder Jeffrey Jaeger will be featured on the event’s Addressing the Need for Affordable Housing panel, speaking about some of the solutions that affordable housing developers and investors are exploring to help address this crisis.
“While affordable housing has become a national challenge, Los Angeles remains one of the epicenters when it comes to this problem,” Jaeger said. “Housing is a pathway to human prosperity and continuing to provide high-quality, sustainable homes will offer people a sense of community and the opportunity to build a better future.”
Bisnow sat down with Jaeger to discuss why he chose to speak at the event and some of the ways Standard Communities is tackling housing affordability.
Bisnow: What inspired you to speak at Bisnow’s Los Angeles multifamily event?
Jaeger: I want to brainstorm with like-minded people and discuss some creative solutions to tackle the issue of affordable housing. While housing affordability is impacting every major city in the U.S., the problem remains pervasive and extensive in LA.
Bisnow: What is Standard Communities’ business philosophy?
Jaeger: Our philosophy is to help create a better world by cultivating long-term public and private partnerships to produce and preserve affordable, environmentally sustainable housing. What makes us stand out is our creativity and ability to deploy capital to help generate a meaningful change in neighborhoods across the country by adding value for residents, cities and investors. Our success as a company is ultimately measured by the impact we make, not the numbers we count. The amount of pride, the added vibrancy and the quality of life are what drive us to continue to innovate and deliver housing for all.
Our goals for 2023 include expanding our new construction activities, forming additional public and private partnerships and finding innovative ways to create and preserve affordable housing. We want to continue to position residents for success as we work to acquire, renovate and provide services at our properties across the country.
Bisnow: What do you think are the most pressing challenges facing affordable housing?
Jaeger: Some of the biggest issues we are facing in affordable housing right now are rising construction costs, inflation and the Fed’s rising interest rates. These are creating significant funding gaps for projects. Additionally, the federal government has been having difficulty keeping up and matching the increased resources of local and state governments.
Bisnow: Can you describe your role at Standard Communities and what projects you’re currently working on?
Jaeger: In addition to being the principal and co-founder of Standard Communities, I oversee investments, asset management, construction and overall strategic direction of the company. We have a robust track record of creating thoughtfully designed communities that become a catalyst for future growth and transformation. Over the years, we’ve grown tremendously with a portfolio of more than 115 deals and more than $4B in assets under management.
We recently announced the launch of our three diversified business lines: acquisition redevelopment, essential housing and new construction, focusing on preserving and building affordable housing in communities across the country.
Bisnow: What topics will you speak about at the event?
Jaeger: One topic I’ll cover at the event is the importance of public and private partnerships. I’ll also be speaking about the significance of Standard Communities’ work and a few of our deals, such as acquisition redevelopment at Fort Chaplin Park in Washington, D.C., new construction at Aspen Wood in San Ramon, California, and essential housing at The Crescent in West Hollywood, California. I’m looking forward to bringing up some suggestions to help address affordability, such as government incentives.
To hear more about Jaeger’s perspective on affordable housing and CRE in general, join him at Bisnow’s Los Angeles Multifamily event on Feb. 23.
This article was produced in collaboration between Studio B and Standard Communities. Bisnow news staff was not involved in the production of this content.
Studio B is Bisnow’s in-house content and design studio. To learn more about how Studio B can help your team, reach out to studio@bisnow.com.
)
)
)
)
)
)
)
)
)
)
)
)