Of Los Angeles’s 792,000 properties, about 14,000 properties are owned by six government agencies: city, county, state, federal, Metro, and LAUSD.

The City of Los Angeles owns more than 7,500 properties within its limits and thousands more in L.A. County and elsewhere, making it one of the largest municipal real estate managers in the country. But there isn’t a single entity responsible for managing how all City properties are used and determining whether they could better serve L.A. neighborhoods. Plans for developing the government-owned properties have been making progress, especially for the 119 city parking lots.

L.A. Controller Ron Galperin released a new report proposing the creation of a nonprofit organization — the Los Angeles Municipal Development Corporation (LAMDC) — to oversee L.A.’s massive real estate portfolio. Under Galperin’s plan, the LAMDC would change that, reshaping the way Los Angeles manages its properties. Read Galperin’s LAMDC proposal here.