Affordable Housing & Gentrification
With the overwhelming support of Measures M and R by over 2/3 of Los Angeles County voters, we can conclude that people want rail and they want to live next to it. Whenever a new rail line gets built prices go up in the immediate vicinity, we see this in Lincoln Heights and in the Crenshaw District. It's the simple laws of Supply & Demand. When there isn't enough of something that people want, the demand and prices go up.
The answer to this is to decrease the pressure by increasing the supply... OF RAIL!
The more rail lines we can build at a time, the less burden specific neighborhoods will experience the effects of gentrification. We are spreading the wealth. HyRail's low cost Spreads the $$!!
We see Gentrification...
PARKING MINIMUMS AND RENT
One of the reasons it costs a lot to build housing and why most new developments debut as "luxury" housing is because of Parking minimums across the region. Under current zoning codes a certain amount of parking is required per unit; this increases the size and scale of the building and greatly increases its costs, costs which are passed on to the renter. There are also the instances where a development may be in an area without parking minimums, but the developer builds parking anyway because of the inherent demand for it. The only way the population will allow parking minimums be decreased is by having a fast, effective transportation system delivering people to the maximum amount of destinations.
SUBURBS TOO FAR & OVER-DEVELOPMENT
Housing costs in the Los Angeles Basin are high and will remain so for the foreseeable future. Areas like Hollywood and the West Side are experiencing over-development because they are a rarity in SoCal with quick and easy access to jobs and rapid transportation like the Metro Red line. This happens because people can no longer live as far away from their jobs as they used to. The way we are building our current transit system, we look at travel times for individual lines and not the regional system as a whole. For example, let's look at the Expo line's end to end time of 50+ minutes. It looks good on paper that end to end is under an hour, but what it doesn't consider is someone coming in from Burbank on a Metrolink train and that 50 min adding on to their already long commute time. In the end, this thinking only benefits the basin where people aren't traveling very far. Another example would be someone commuting from the less expensive suburb of Whittier along the future Gold/Expo line to their job in the Silicon Beach area of Venice, this person will have a 2+ hour transit commute each way door to door... NOT workable. Their option is to either commute by car or find a cramped living space closer to their job in an expensive development that is over 60% of their income.
Travel times to the jobs in Hollywood, Silicon Beach and the West Side from the far out suburbs of the San Gabriel/Pomona Valley/Inland Empire; where housing costs are lower, currently remain out of reach for the average public transit commuter (over 1 1/4 hour door to door). Because of HyRail's high operating speeds and low costs, we are able to reach more destinations at quicker speeds. HyRail coupled with Metrolink creates access to housing that is affordable.
Imagine, someone coming into Union Station after a 35 min Metrolink commute from Ontario, then getting to Venice in another 25 min... in rush hour traffic!!! That's the HyRail advantage to affordable housing
ALSO, with our $6 Billion saved, Metro can certainly afford to reserve land for affordable housing next to new transit lines as a community benefit.