Los Angeles County property market soars by record $100b

Bloomberg

Property values in Los Angeles County are projected to rise by a record $100 billion this year, providing a boon to municipal coffers on the back of a hot housing market.
The amount translates to $1.86 trillion in net value for taxable properties in the county, a 6% increase from 2021, according to a May forecast of the county’s assessment roll, which is used to plan local budgets. The increase is expected to result in more than $18 billion in property tax revenue for governments that will be used for public services like education. The 6% annual increase is greater than the rate of 2021, when the property tax assessment roll grew 3.7% to $1.76 trillion from the prior year.
“The pandemic for the past two years has caused great hardship to many parts of the economy, but not in the housing market,” Los Angeles County Assessor Jeffrey Prang said in a statement. “Low interest rates, inflation, and high demand continued to boost home values to new highs.”
Soaring property values created an affordability crisis in LA, like most major cities across California. The county of 10 million residents has one of country’s largest populations of homeless people at nearly 60,000.
Meanwhile, the median price of an LA home is $1 million, up 14% since last year, according to Redfin Corp.