Controller Proposes Creating New Entity to Oversee City’s Real Estate Portfolio

by Controller's Office on August 19, 2019
Aerial shot of Los Angeles

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. 

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. Under Galperin’s plan, the LAMDC would change that, reshaping the way Los Angeles manages its properties.

While many City-owned properties are parks, rec centers, parking lots or administrative buildings, some are vacant or underutilized and could present economic development opportunities. The LAMDC’s mission would be managing L.A.’s portfolio in the interests of Angelenos. It would provide a central starting point for the development or redevelopment of City buildings and land, and help facilitate new projects and housing to revitalize communities, expand business possibilities and more.

Galperin’s LAMDC proposal follows his release of Property Panel, an online, interactive tool that maps all 7,500 City-owned properties within City limits, along with more than 6,000 others owned by five other public agencies. Property Panel was the City’s first comprehensive guide to publicly-owned properties and supports the LAMDC’s aim — to think more strategically about the properties Los Angeles owns. 

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