Statement From the L.A. Coalition to Protect Neighborhoods and Jobs on Changes to the No on S Ballot Argument

YES ON S VALIDATES DEVASTATING TWO-YEAR EFFECTS OF HOUSING BAN

On Jan 4, 2017, an amended ballot argument agreed to by both the Yes on S and the No on S campaigns was submitted to the Los Angeles Superior Court. The full stipulation and order is attached.

With this stipulation, the backers of Measure S agree in court that the devastating effects of their two-year moratorium in Section 4 of their initiative are exactly as stated in the Beacon report, and they are prepared to go forth with a two-year housing ban that will destroy 24,000 jobs, suck $3.8 billion out of the local economy, and cut $140 million out of public budgets over that two-year period.

Further, we are grateful for the public attention to the little-discussed “silent moratorium” in Section 5 of Measure S. By enacting permanent restrictions on the planning tools needed to ease our housing crisis, Measure S’s effects could linger for up to ten years or more. By offering no new resources to help the city do its job, Measure S locks in place an outdated, overcrowded vision for a Los Angeles badly in need of new, affordable housing that connects to the transit system voters chose in the last election.

The full stipulation, including the amended language, can be viewed at https://cl.ly/ieCZ.

MEASURE S ECONOMIC IMPACT BY THE NUMBERS

Measure S will cost Los Angeles:

  • Over 12,000 jobs each year
  • Over $640 million in wages for workers each year
  • Nearly $2 billion in lost economic output each year
  • $70 million in sales, property, transient occupancy and other fiscal revenues each year— enough to hire over 1,000 new policemen or firefighters
  • $10.6 million loss to renters each year, increasing rents which will result in over $4.2 million in lost wages
  • Over $12 million each year for our local schools
  • $14 million each year for parks and recreational facilities generated through Quimby and Finn fees
  • $27 million in property tax revenue over the course of the two-year moratorium, and an additional $1.5 million each year in ongoing fiscal impacts.
  • Over $10 million in lost sales tax revenue each year from combined upfront and ongoing construction and business activity.