An online database dedicated to LA’s city-owned real estate properties is now online, according to Los Angeles Daily News. It’s expected that the online database will help locals, real estate investors and the city government itself maximize city-owned real estate.
“City-owned property is one of our most valuable assets and we must maximize its value to advance critical priorities like building affordable housing and expanding homeless services,” LA Mayor Eric Garcetti announced last August, according to the article.
“This innovative new portal will streamline our property management, and help us put more of our land to work serving our communities’ needs.”
Experts expect that the portal will help the city government address community issues, track community asset development and manage city-owned property more effectively.
On that note, Councilman Paul Krekorian, who also worked with Garcetti to create the database, said in an interview that “[He] is delighted that we now have a thorough, accurate and publicly available database listing all city-owned properties.”
“It’s a fantastic tool that will enable the city and others to evaluate the full range of assets the city owns and get inventive about ways to use them for economic development and job creation throughout Los Angeles,” said Councilman Krekorian, who is also the current chair of the Ad Hoc Committee on Job Creation.
Aside from existing city-owned real estate properties, vacant spaces owned by LA will also be up for viewing. According to the city government, this will enable relevant agencies and organizations to think of ways to utilize the space. Some of these spaces are controlled by government bodies such as the Los Angeles Public Library, the Department of Transportation and the Economic Workforce Department.
As stated, LA hopes that this will help create solutions to counter the city’s problems in affordable housing. Another possible use to is bolster Los Angeles’ economic development by creating mixed-use real estate projects, which are also expected to increase job creation and opportunities in the city. All of these initiatives will, in turn, significantly affect the quality of life in Los Angeles.
“The LA Coalition applauds the mayor’s leadership on this initiative,” said Russell Goldsmith, chairman of the LA Coalition, an independent bipartisan organization that includes a variety of groups from the business, academic, labor and nonprofit sectors.
“We were pleased to work with him and with the City Council on what has proven to be a very effective public/private partnership. This will optimize the real estate assets of the city to help foster jobs and the economy and better address the housing and economic development needs of LA,” Goldsmith said in an interview.
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