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Paul Schonat 0:03

new proposals to tackle the city's affordable housing crisis California is the pain of the a to Bill change of zoning in La it's almost impossible to develop right now in today's market interest payment that you're paying property taxing what you're paying and you're seeing no cash flow you can't give me the land for free and I won't develop it why why are they saying that so the interest just shot up like crazy so now each month you're paying double what you anticipated that you would be paying everyone always…

Paul Schonat 12:31

…it's it's executive directors one it's a mayor Karen bass I I I really like this program um when she first got into office she's like we're in a housing crisis we need to build more housing more affordable housing which is what we were already leaning towards with building uh no amenity type building so we can have charge a a lower price point uh price per foot uh for the render and that's where really the demand is and in the more affordable space everyone can build super luxury and that's where most of the…

Taylor Avakianat 11:03

we have a housing shortage and it seems like they're not doing very much to to make that easier for developers like you it's I sound like a broken record because I say it almost every time but it's they everyone knows we have a housing housing shortage in Los Angeles why do the rents keep coming up because supply and demand that is the fundamentals of why your rent keeps going up it's because there's not enough housing for everyone else and when it's harder to develop that only constrains the supply where it…