The luxurious city of Beverly Hills has been dealt what some believe to be a huge blow after a judge ruled residents could not build luxury amenities in their mansions until more affordable housing was created.
Beverly Hills Residents Stalled in Home Renovations
Beverly Hills has paused all home renovations until the city addresses the pressing issue of affordable housing.
California Housing Crisis
The state of California is currently facing a housing crisis as rental costs and mortgages have gone through the roof in recent years.
Judge Kin’s Ruling on Housing Plan Noncompliance
After Los Angeles Superior Court Judge Curtis A. Kin accused the city of not meeting law requirements on low-middle income housing, he barred luxury renovations.
State Laws Insist on Affordable Housing
According to state law, Beverly Hills must plan to build at least 3104 new homes by 2030, making sure that 75% are affordable for lower-income residents.
A Long Way To Go
Beverly Hills struggled to meet the affordable housing requirements, having added only 20 units in the last eight years,
Population Decline
California’s population has declined for the first time in years due to the crisis, losing 800,000 residents since 2020.
Affordable Housing Plan Comes Under Fire
Josh Altman, star of “Million Dollar Listing,” critiqued the plan to introduce more affordable housing, arguing that it was “hurting” the city’s wealthier residents.
Temporary Suspension Hits
The ruling resulted in a temporary freeze on Beverly Hills’ ability to allow permits for luxury amenities until affordable housing for lower-income residents is installed.
What’s “Luxury?”
Amenities that come under the blanket of luxury include spas, sports courts, swimming pools, and even kitchens and bathrooms.
California’s Housing Shortage
A shortage of housing in the state has driven up the prices of land, “By some estimates, California was 3.5 million housing units short of what we needed to accommodate a population of our size,” said Hans Johnson of PPIC.
Balancing Affluence and Affordable Housing
Josh Altman argued that the ban would impact the city’s high-society lifestyle, “The greatest, grandest city on planet Earth, we’re talking about,” he said.
Identity Under Threat
Altman argued that this luxurious lifestyle defines the city of Beverly Hills, which is now under threat.
Critics Speak Out
Other critics of the new law include Thomas White, chair of the Municipal League of Beverly Hills, who agrees with Altman.
Beverly Hills Intentional High-End Environment
“We have intentionally created a desirable environment by deliberately avoiding overdevelopment and over-densification,” argued White.
Beverly Hills’ High-End History
“The Beverly Hills Hotel, Rodeo Drive. We’re talking about Rolls-Royces and fluffy poodles. Some of the best movies ever filmed here in Beverly Hills. High-end everything,” Altman said.
Beverly Hills Struggles to Increase Affordable Units
Despite the glamour, Beverly Hills faces a significant housing gap, managing to add only about 20 units over the past eight years.
California’s Struggle to Keep Up
The entire state of California must add at least 250,000 new units of housing each year to keep up with the population, which is why residents are moving out.
Decision to Appeal
Beverly Hills, a city where the population has shrunk slightly, has appealed the decision and is awaiting the next steps.
An Important Question
As the housing crisis continues, the wealthy property owners of Beverly Hills must decide what’s more important, affordable housing or more gyms and spas?
The post Judge Halts Luxury Renovations in Beverly Hills for Housing Affordability first appeared on Swift Feed.
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The content of this article is for informational purposes only and does not constitute or replace professional financial advice.