From the Los Angeles Daily News:
The Los Angeles City Council voted Tuesday to have the city take steps to expand its program of purchasing affordable housing buildings to prevent rent increases and keep low-income individuals and families housed throughout the city.
The motion passed with 14 yes votes and one council member absent.
“By purchasing naturally affordable housing, the city can remove units from the speculative market, help insulate tenants from price increases and create housing for low-income families,” stated the motion, which was introduced by Council President Nury Martinez. “This is also an incredibly cost effective solution.”
The motion noted that the Housing Authority of the City of Los Angeles acquired more than 1,000 units through its acquisition program in 2020 with an average cost per unit of $231,690, which is half the price of building new units through programs like Proposition HHH.
Read the Los Angeles Daily News' article "City of LA looks into buying enough buildings to preserve 10,000 units of affordable housing," featuring the Housing Authority of the City of Los Angeles.