July 24, 2006
Changes in the California housing market are paving the way for rising downtown housing densities and more affordable housing units, according to the Lusk Center for Real Estate at the University of Southern California. "The limited supply of land and stringent entitlement requirements in markets such as California have pushed up development costs," the USC Lusk Center said. "In response, developers are shifting towards high-density projects so the project can get financed." The Lusk Center said people in their 20s and 30s are increasingly choosing to live in downtown high-rise complexes that are "close to their jobs and exciting cultural centers." The Lusk Center can be found online at http://www.usc.edu/lusk.