Page 1
Page 2
Page 3
Page 4
Page 5
Page 6
Page 7
Page 8
Page 9
Page 10
Page 11
Page 12
Page 13
Page 14
Page 15
Page 16
Page 17
Page 18
Page 19
Page 20
Page 21
Page 22
Page 23
Page 24
Page 25
Page 26
Page 27
Page 28
Page 29
Page 30
Page 31
Page 32
cities. The increased tax revenue generated from these establishments frequently offsets the cities investments. The common perception is that new housing will increase demand for local govern- ments to provide firepolice services additional roads sewage and social services. The other part of the equation however is that the new residents will work at many of the new commercial locations and also are consumers of retail and business services. Q You have remained committed to afford- able housing for many years. Arent there easier ways to make money in real estate A The Olson Company remains committed to provide affordable housing in metropolitan areas by working with cities and transportation agencies to keep home price points down. With land costing 2.0 million per acre or more in the Southern California coastal corridor the Company must work creatively to appropriately increase densities hold costs and provide compelling homes in pedestrian oriented neighborhoods. For those homebuyers who want to remain close to jobs families and local amenities each Olson Company community provides unique architecture with open floor plans. Southern California is home to over 1000 small urban villages each with unique and compelling lifestyles. It is the Companys mission to seek out these locations and provide differentiated neighborhood housing giving home- buyers multiple living choices in the metropolitan core. When you couple this with the highest homeowner satisfaction scores in the nation there is great personal satisfaction in meeting homebuyer needs at affordable prices. Q If you were king for a day how would you change the dialogue concerning affordable housing A Having worked with over 100 cities in California The Olson Company has a unique perspective on meeting todays affordable housing challenge. More homes need to be built along the coastal markets and less inland to reduce traffic improve the environment and enhance the quality of life. The regional Association of Governments along with the state need redistrib- ution plans to encourage infill development and discourage sprawl. Much of the land on the coastal side of the mountains has been built out. The California Legislative Analysts Office suggests the state-mandated zoning changes should encourage up to two- thirds greater densities in metro- politan markets allowing an additional 100000 new homes to be constructed annually that would help abate the steady in- creases in home prices. Much dialogue will continue in future years about what percentage of household income residents are willing to spend on housing. Many metropolitan households spend 40 to 50 today. With a 53 homeownership rate in California compared to the national average of 64 the affordable housing debate should continue to heat up for years to come. The three big areas of change need to be 1 mandated density increases favoring well planned multi-family communities 2 new funding mechanisms for both redevelopment projects and affordable housing subsidies and 3 California needs a vision that continues to embrace the states diverse economic and natural resources while recognizing that its most important resource is its residents and their socioeconomic well being. I 8 Olson Company Executives from left Bill Holford President Olson Communities Steve Olson Founder and Chairman and Scott Laurie President and CEO at Grand Central Market in Los Angeles Household Savings Top 10 Household Savings Bottom 30 60 40 20 0 60 40 20 0 15 10 5 0 -5 -10 15 10 5 0 -5 -10 1920 1930 1940 1950 1960 1970 1980 1990 2000 2010 Community resistance can be strong against allowing increased densities and frequently local zoning laws and building codes are not conducive to creating more cost efficient housing. Steve Olson Founder and Chairman The Olson Company 2015_OlsonCompanyInTownLiving_PortAnniversary 8815 117 PM Page 8