J.P. DeLauri/KNX1070

Affordable Housing is a Priority for Mayor Garcetti

On KNX Ask The Mayor, Eric Garcetti addressed the concerns of middle class taxpayers who say not enough is being done to help with skyrocketing rents.

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LOS ANGELES (CNS) - The problem of homelessness in Los Angeles remains one of the Mayor's top concerns but the prices of homes and rents are near the top of the list, too.

On KNX Ask The Mayor, Eric Garcetti addressed the concerns of middle class taxpayers who complain that not enough is being done to help in the face of unaffordable housing.

Garcetti says the need for affordable housing is obvious but so is the need for homes at the top of the price range as well as the middle.

On Thursday Garcetti released his proposed budget today for the upcoming fiscal year which includes a significant boost of $800 million more than last year.

The new money in the $9.86 billion budget was fueled by a healthy economy, which led to a 5.6 percent increase in key tax revenue, as well as an influx of new revenue from Measure M, a county transportation measure approved by voters in 2016, and the statewide Senate Bill 1 or so-called "gas tax" for fixing roads, freeways and bridges.

"This year's budget is the most stable that we've had in years," Garcetti said during a news conference at City Hall.

The proposed budget includes an increase in the General Fund from $5.8 billion to $6.17 billion. When special funds are included, which is revenue that must be spent in certain ways, the overall budget increases from $9.2 billion to $9.86 billion.

Garcetti proposed increasing funding for homeless programs from the current year's $178.5 million to more than $429 million, although more than half of the new spending would use funds from Measure HHH, a bond measure which Garcetti helped convince city voters to approve in 2016 and is expected to raise $1.2 billion over 10 years for permanent supportive housing construction.