In a new report by my colleague Jonathan Woetzel , Director of the McKinsey Global Institute, he estimates that the shortage of affordable housing depresses GDP across the LA metro area by more than 2%. This translates into $18-22 billion in lost output every year for the City of LA, and almost double that amount for LA County. Most of this occurs as households forgo other types of consumption to pay the rent or mortgage. Consumption is limited even further for Angelenos who face high transportation costs because they cannot afford to live near their place of employment—a situation that contributes to some of the nation’s worst traffic congestion and related environmental consequences. The affordable housing shortage is also one of the factors contributing to homelessness in Los Angeles and increasing the challenge of getting people back on their feet and into permanent housing. Los Angeles, a city of four million people, added fewer than 7,300 units of affordable housing over the most recent five-year period. The rest of LA County added approximately 6,200 affordable units in the same period. Read the report: https://lnkd.in/f2S_nWX #housingforall #realestate …see more