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Mayor Working on Plan to Combat LA's Housing Crisis

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While the housing crisis is a national issue, how the problem is dealt with sometimes comes down to local response. Yesterday, Mayor Antonio Villaraigosa took part in the Los Angeles Business Council's Mayoral Housing Summit, and spoke to those gathered regarding his thoughts on the issue. The event's focus this year was on a regional emphasis for addressing the housing crisis and on the issue of "housing affordability and availability" and aimed at "attract[ing] the county’s major employers, mayors and elected officials as well as business leaders from across all 88 L.A. county cities."

According to a video report on MyFox Los Angeles, Villaraigosa's focus in his keynote address was on the disappearance of a true "middle class" in Los Angeles and its societal consequences, noting that "when you lose your middle class you lose your center of gravity." He pointed out that "only 11% of LA County households can afford a median-priced home" which is partly why he is now working on a "Housing Rescue Plan" to help Angelenos get back up on their feet.

It is not clear at this time what the plan involves, nor how it relates to the federal government's "housing rescue bill." CNN.com's Money section explains how this bill can benefit American homeowners affected by the housing crisis.

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Photo by TheTruthAboutMortgage.com via Flickr