LA multifamily trends, regulatory updates, and investment perspectives from David Evans
7 posts
Multifamily sales volume in L.A. is up 55% — but that headline obscures a market splitting in two. West LA, the Valley, and South Bay are recovering. Central, South, and East LA are not.
Fewer deals are clearing. The good ones cost more. Transaction pace cooled while price per unit rose, a $160B national loan maturity wall is forcing sell decisions, and El Niño capex is squeezing NOI.
Between July 2024 and July 2025, nearly 54,000 more people left Los Angeles County than moved in. The shortage narrative no longer fits the data.
TCOPA is law. Rates just moved. A new tenant purchase law takes effect next year, small-balance debt got 50bps more expensive overnight, and a major Koreatown asset traded at a discount.
Volume is back. So is distress. Transaction activity is up double digits for the year, Inglewood is recovering, and notices of default are quietly climbing in the background.
L.A.'s eviction protections were designed to help tenants. But by extending the process and deepening the legal hole renters fall into, these policies often worsen the very harm they were meant to prevent.
L.A. City Council members promise to hear both landlords and tenants — but in practice, only one side is truly heard. The resulting policies harm both.