Dramatic development for Beverly Hills, the wealthiest part of Los Angeles: The Los Angeles County Superior Court blocked the city from issuing all building permits. The decision is a penalty for Beverly Hills failure to approve a sufficient number of affordable housing.
The decision will put the Beverly Hills housing market nearly on a hold in the next months, since there will be no renovations for any purchased house possible in the near future.
Just last week the city approved a 100.000-$-spa for a 125-million mega villa, an 80.000-$-exterior upgrade for a newly purchased 25-million-villa and a 130.000-$-upgrade for a kitchen in a house just bought for 6,7 million.
But all this permissions and all that were planned for the future are stopped now as long as B everly Hills is not building a sufficient number of affordable houses in its wealthy neighbourhood, where a villa is now up from 12 Million.
“I’m shocked by the judgement”, says Murray Fischer, a real estate attorney, “It would mean that the city is at a standstill.”
Beverly Hills is one of the very cities in California where the number of citizens is not growing. The “paradise of the rich” with Rodeo Drive as its center just counts 32.400 households compared with 33.400 in 1970.
After the city law Beverly Hills was required to build 3.104 affordable, low income houses in the last ten years. But the luxus-city built only provocative THREE (!) of them.
