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Los Angeles Municipal Development Corporation
Ron Galperin
Los Angeles City Controller
The City of Los Angeles owns more than 7,500 parcels within its boundaries and many more in Los Angeles County and beyond, making it one of the largest municipal real estate asset managers in the country. Among these properties, the City owns a vast array of real estate assets such as: commercial, residential, and industrial properties; parks; municipal facilities; police and fire stations; and even vacant land. While many of these City-owned parcels have preexisting uses, a significant number of those properties that are underutilized present a tremendous economic opportunity for the City to realize greater value from its real estate assets. The City must seize this opportunity for community and economic development, housing, and much more. The dissolution of the Community Redevelopment Agency of the City of Los Angeles in 2012 left the City in need of more economic development initiatives; it is now time we create a new paradigm to better utilize our most vital real estate assets.
