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Published on Wednesday, September 03, 2008
By LA Daily News Staff Writer
The continued high cost of housing hurts young workers, the middle class and businesses by forcing employees to live far from their jobs, according to a report released Tuesday by the Los Angeles Business Council.
Despite a recent building boom that created more supply and the current foreclosure crisis that has pushed down prices, too few residents can afford to live near their work.
"A lack of housing near job sites consistently serves as one of the major obstacles to doing business in this region, and the situation is getting worse," said Antonio Manning, a vice president for Washington Mutual and one of the report's authors.
The Workforce Housing Scorecard marks the first time the council has attempted to quantify the number of homes versus jobs created in Los Angeles County.
It found that the county added more than 1.4million residents from 1990 to 2007 but only built about 195,000 housing units
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