Lawndale
Real Estate
California pledged $500 million to help tenants preserve affordable housing. They didn’t get a dime.
Luke Johnson and his neighbors thought they had found the perfect solution to avoid being displaced from their Silver Lake, Los Angeles fourplex: A state program was offering $500 million to help tenants, community land trusts and other affordable housing developers buy buildings at risk of foreclosure. With their longtime landlords set on selling the building, Johnson and his neighbors persuaded them to sell to a community land trust that pledged to keep rents low. But six months later, the state program has vanished after failing for three years to give out any of the grants and loans it promised. The deal with their landlords has collapsed. That leaves Johnson, 85, and his husband unsure whether they’ll be able to stay in the rent-controlled two-bedroom apartment where Johnson has lived for nearly half a century. The sudden disappearance of half a billion dollars of state money meant to help community land trusts has left some housing advocates questioning California’s commitment to preserving existing affordable housing, a strategy that’s less flashy than building new units but can also be less expensive.
CP Capital Sells 312-Unit Community in Suburban Los Angeles
POMONA, CALIF. — CP Capital has sold The Gabriel, a 312-unit apartment community in Pomona, approximately 30 miles west of Los Angeles. The property is situated at 2771 N. Garey Ave., adjacent to the Pomona North Metrolink Station. The buyer and sales price were not disclosed. The Gabriel was...
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