In a mayor’s race where housing, affordability and the intertwined issue of homelessness have become paramount, contenders to run Los Angeles face an electorate that feels progress isn’t being made and more aggressive actions are sorely needed. It’s an election where significant portions of the constituency remain undecided, and even the incumbent seeks to offer a change narrative.
The dour mood from both citizens and the commercial real estate industry makes sense. Average rent for a one-bedroom apartment in L.A. has risen almost 30 percent since 2020, per Lending Tree, new construction has stalled, and despite progress on reducing the number of unhoused Angelenos through Mayor Karen Bass’s time in office — and near-historic low crime stats — homelessness and public safety remain core worries and issues for voters.
The real estate industry feels like it’s been “death by 1,000 cuts,” especially in the multifamily space, said Gary Benjamin, founder and principal of Alchemy Planning + Land Use, a local consulting firm. The impact of larger macroeconomics factors like the cost of financing has been brutal. Plus, local policies centered on affordability, equity, and protecting tenants — especially around evictions and tenant screening — have gradually chipped away at the ability to turn a profit on some buildings, even though a Northmarq report from the end of 2025 found operating conditions had “softened modestly.”
At the same time, the region faces a dire housing shortage with no end in sight as the 88 cities of L.A. County need to add 101,500 housing units a year to hit state-mandated goals. In 2024, those cities produced just 28,453 units (2025 data isn’t out yet). City of Los Angeles officials issued only 8,703 residential permits in 2024, which inched up to 8,714 total last year, still well below levels seen just a decade ago.
The three candidates with the consistent polling numbers to suggest they’ll make the June 2 runoff — Mayor Bass, Councilmember Nithya Raman, and former reality TV personality Spencer Pratt — have very different answers to these issues.
Bass entered office with substantial energy around housing, wielding executive orders on development, such as the ED1 program meant to spur a new wave of affordable and unsubsidized development. Ultimately, however, Bass’s tenure could be seen as more focused on incremental and pragmatic actions, holding back from more major reforms.
“Bass tried to balance several competing pressures at once — increasing housing production, addressing homelessness, maintaining relationships with labor and neighborhood stakeholders, and navigating a very difficult fiscal and economic environment,” said Joshua Baum, founding principal of research firm Hilgard Economics. “Governing Los Angeles is tough. There’s a reason why mayors of L.A. don’t typically achieve higher office.”
When ED1 was challenged by many residents of single-family neighborhoods, Bass pushed to change the rules to limit where these projects could go, attracting lawsuits from builders who were angry that permitted projects were now being challenged. It’s also been slow; an outburst of excitement after the program was introduced in December of 2022 has led to applications for more than 40,000 units so far, but only about 300 have received a certificate of occupancy.
Bass also pushed back against more aggressive forms of upzoning, coming out strongly against state law Senate Bill 79 — though it was eventually signed into law — and advocating for the City Housing Incentive Program and alternative zoning schemes with fewer upzones in single-family neighborhoods.
The mayor’s most prominent progressive challenger, Councilmember Raman, leader of the housing and homelessness committee, has attracted advocates and YIMBY backing. She supported SB79 and calls for more widespread upzoning, and she was instrumental in passing a 4 percent cap on rent increases.
“With Councilmember Ramen, I’ve heard people describe it as a bit of a Rorschach test, and how much of a positive she may or may not be for the real estate industry,” said Benjamin.
Raman also initially supported Measure ULA, the transfer tax on real estate transactions that has drawn ire from multifamily developers, as well as various rental reform measures supporting tenants. Numerous studies have shown that ULA has slowed down multifamily development; Raman has since been a leading advocate to reform the measure and threading the needle between staying “true to its original intent while making targeted, responsible adjustments.”
Benjamin said it comes down to whether voters see Raman’s effort to upzone and reform how things get done — she introduced a slate of proposals to cut red tape and reform permitting — as a net benefit to Los Angeles, or if proposals that are canceled out by policy positions some members of the real estate industry, especially in multifamily, say raise operational costs and cause investors to look elsewhere.
Real estate and eviction attorney Avi Sinai said that, while Raman and her office have a reputation of being smart and responsive, some of his clients feel Raman’s policies have supported builders but demonized operators. As a result, when a builder eventually becomes an operator, they suddenly face too many restrictions and challenges.
Conservative challenger, reality show villain, and political outsider Spencer Pratt has a more limited housing policy resume and platform, mostly dedicated to rebuilding after the Palisades Fire and much more aggressive enforcement against the region’s homeless, a policy position likely to please many downtown property owners. But the self-proclaimed political wrecking ball — who lost his home in the 2025 wildfire and announced his candidacy at a January “They Let Us Burn” rally in the Palisades — has earned polling numbers that show he’s a contender.
In a recent Substack post, Pratt argued that the problem with building in L.A. is misguided regulations and priorities, leading to squatters taking over apartments and disincentives to build and lease apartments. He wants to bulldoze the “regulatory speed bumps of an overbearing government,” including reducing red tape and accelerating permitting. Most importantly, he attacks the “fatal flaw” of SB79 — orienting housing around transit, not commerce — and wants to repeal the “onerous tax burden” of Measure ULA.
And as slim as his housing policy experience may be, and radical as his homeless policy positions are — including creating a large facility on federal land, and getting all the “zombie drug addicts” who like to abuse animals off the streets — he’s picking up significant support from many corners of the finance and business world, including billionaire Dan Loeb, entertainment mogul Haim Saban, and the Winklevoss twins. Pratt’s also attracted support from real estate figures including developer Geoff Palmer, Newmark luxury retail broker Jay Luchs, and a number of residential brokers. A few weeks ago his fundraising totals surpassed Bass.
Sinai said many of his clients, longtime Angelenos in particular, feel the homeless and crime issue has become endemic, and their frustration has led them to support Pratt.
Daniel Yukelson of the Apartment Association of Los Angeles said while the organization hasn’t made an official endorsement, they would never consider “a socialist candidate” like Raman. He said members do not generally have favorable opinions of the current mayor and appear to be leaning towards Pratt, due to his different approach on issues such as public safety, homelessness and fiscal responsibility, and also advocate for improving city services such as street maintenance and supporting police.
Whoever wins will be tasked with improving affordability and quality of life issues at a time when outside forces will make sure they don’t have full control over the real estate landscape; Baum points to federal labor and immigration policy from D.C. as well as the high costs of financing and materials.
Angelenos want to renovate the city’s housing policies, but it remains to be seen if they’ll seek out a small addition or tear things down to the studs.
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