LOS ANGELES -- The city has made little progress in expanding the supply of housing for low- and middle-income residents because old affordable units have been destroyed almost as quickly as new homes can be built, according to a new study released Thursday. The Southern California Association of Non-Profit Housing found that 12,800 affordable rental units were built through city incentive programs since 2001, while 11,000 older rent-controlled apartments were either torn down or converted to condominiums. The report, which was based on municipal and U.S. census data, also found that the loss rate has accelerated, far outpacing new construction since 2005.
Stuart Gabriel, director of the University of Southern California's real estate research institute, said the numbers should be viewed as a success for affordable housing advocates. "The fact that we're even able to remain at the level of prior years should be viewed as a positive outcome, given market forces that make it nearly impossible to develop affordable housing," he said.