The foreclosure comes as the value of office buildings has plunged amid higher vacancies. Elevated interest rates have also weighed on prices and made it difficult for building owners to refinance debt.
California officials say they expect the mortgage relief program for homeowners suffering pandemic-related financial hardships will soon exhaust its federal funding.
The Hollywood-based AIDS Healthcare Foundation is in line to acquire homeless housing developments owned by a failed Skid Row landlord. State housing officials are objecting to the deal, citing the foundation's troubled track record.
Hollywood real estate developer doubles down on plans for "the Star," a proposed office tower on Sunset Boulevard, designed by Norman Foster, with a $1-billion price tag.
The ordinance, five years in the making, would prohibit hosts to list second homes, accessory dwelling units or investment properties in unincorporated L.A. County.
For more than 100 years, single-room occupancy hotels have housed thousands of people in Skid Row. Now, L.A. leaders are saying their time has passed. Some fear losing them will displace their formerly homeless residents.