Will Senate Bill 79 be the new builder’s remedy for developers? It appears that it could be.
This may be why there was a scramble by the city of Los Angeles to push back on the transit-oriented housing bill after Gov. Gavin Newsom signed it into law last week. Much like builder’s remedy, SB 79 provides the key to streamlined development, pushing through higher density residential developments at a faster clip. In SB79’s case, the law uses proximity to a transit stop, whereas builder’s remedy requires a city to be out of compliance with its housing element (a masterplan for future housing development).
The Los Angeles City Planning Department published draft maps of the blocks that could be impacted by SB 79.
The new law allows for multifamily residential of as high as nine stories and as many as 160 units for parcels closest to a high traffic transit stop, considered a “tier 1” station under the law. In the case of tier two stations, a maximum height of eight stories and 140 units is allowed.
City Planning counted 33 stations in Los Angeles that can be categorized as tier 1 and another 117 tier 2 stations.
Cities have until July 1, 2026, when the new law goes into effect, to sort things out.
Steve Cohen’s Beverly Hills move
It wasn’t casino-related news, although there’s a story for that elsewhere on The Real Deal. Instead, Steve Cohen made news of another kind when his Beverly Hills mansion, which is seeking $35 million, topped last week’s Los Angeles County homes that went into contract.
The New York Mets billionaire owner has been in the news cycle for some time with his proposed $8 billion casino complex plans for 50 acres of parking next to Citi Field in New York. The project’s still in the running for a state gaming license.
His home at 901 Oxford Way was purchased back in 2015 from spec developer Gala Asher, making Cohen and his wife Alexandra Cohen the Beverly Hills property’s first and only residents.
The $10 million haircut on the ask underscores the challenges some are seeing in L.A.’s high end, where price slashing and re-lists have become common.
On again, off again
Speaking of high-end problems, the market’s recently seen a few re-lists of some pricey pads.
That includes billionaire Jeff Greene’s 53,000-square-foot estate at 9505 Lania Lane, which is back on the market for $195 million, or $3,679 per square foot. The last time Greene tried to sell the home was in 2017 for the more value-priced ask of $129 million. After it went off the market, it served as a rental.
Count the Winnick estate, also known as Casa Encantada, as another boomerang listing.
The Bel-Air home at 10644 Bellagio Road re-entered the market last week for $190 million. That’s down from the $250 million listing price Karen Winnick and her late husband and billionaire financier Gary Winnick originally asked back in 2023. The price was later slashed to $195 million and then, late last year, was cut to $165 million for the 60-room estate.
Nicki Minaj’s debt prob
A Holmby Hills home owned by Nicki Minaj could soon be on the market.
Chatter over the proposed sale stems from the rapper and her husband Kenneth Petty’s refusal to pay a reported $503,000 award to security guard Thomas Weidenmuller, according to US Weekly.
Weidenmuller’s now asked a judge to compel the couple to sell their home to not only address what he is owed, but also take care of the mortgage and liens on the property that amount to nearly $14 million.
The hip-hop star paid $19.5 million for the 11-bed, 16-bath home at 5510 Jed Smith Road about three years ago.
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