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Thousands of Angelenos will have fewer affordable housing options as ‘covenants’ will expire

Los Angeles is facing a crisis within a crisis when it comes to affordable housing. On top of the county’s well-documented shortage of cheap apartments, thousands of existing affordable units are likely to go market-rate in the next five to 10 years.

…According to a new report from the nonpartisan nonprofit California Housing Partnership, more than 10,000 homes in LA County are likely to lose their affordability restrictions in the next decade. That represents about one-third of the county’s entire affordable housing stock. Within LA city limits, nearly 3,700 units are scheduled to lose affordability restrictions between this year and the end of 2023, according to the city’s Housing and Community Investment Department…