Los Angeles councilwoman proposes agency to develop city-owned land

Los Angeles Councilwoman Katy Yaroslavsky is calling on City Hall to address the underutilization of city-owned real estate. Representing parts of the Westside, Yaroslavsky noted that the city holds billions of dollars in property, much of which consists of vacant lots, parking lots, or underused maintenance yards.

To address these financial and spatial inefficiencies, Yaroslavsky is proposing the creation of a dedicated development agency. Such an agency would be tasked with identifying opportunities to convert city land into revenue-generating assets, such as housing and business spaces, to help mitigate the city's financial challenges.

According to the controller’s office, the city owns approximately 7,500 properties within its limits. Yaroslavsky argued that while current departments manage these sites, no specific entity is responsible for economic development or maximizing the value of the city's sprawling real estate holdings.