In 1999, the Adaptive Reuse Ordinance was approved for downtown L.A., allowing the conversion of dozens of historic and underutilized buildings into new housing units. This gave developers an incentive to build, said Paul Habibi, a professor at the UCLA Ziman Center for Real Estate. Residential development slowed during the global financial crisis but picked up again soon afterward. “When we came out of the recession, there was a lot of tailwind promoting downtown development,” Mr. Habibi said.
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