Whereas Los Angeles finds itself in a housing crisis, with a shortage of affordable housing options,
And the State of CA has enacted State Bill 1818, allowing property developers to choose from a menu of options meant to benefit their bottom line in exchange for providing a certain percentage of "affordable" units in their new developments,
And the existing property slated for destruction may include MORE units, often under rent control, than the proposed allotment of "affordable" units to be installed,
And these fewer "affordable" units are often priced even higher than the previously existing units...
In order to maintain a balanced socio-economic diversity across the city,
Slow the transition of neighborhoods into majority market-rate (aka overpriced) properties,
And ensure the addition of housing stock in communities, while maintaining its pre-existing number of affordable units,
The City of Los Angeles shall require that any new multi-family developments, invoking SB1818 or not, shall be required to include at least a 1-for-1 replacement of existing units on that property as "affordable" units in the new development, according to the standards set by the City for what is deemed "affordable housing" for the area at the time of leasing.