Mayor Bass to address ULI after deputy’s talk of industry “tantrum”

Los Angeles Mayor Karen Bass is speaking at Urban Land Institute’s conference on Thursday to a select group of members, a spokesperson told The Real Deal.

Bass’ appearance comes a day after her Deputy Mayor for Housing Jenna Hornstock called out the real estate industry for throwing a bit of a “temper tantrum” after the Measure ULA transfer taxes went into effect on April 1. 

The “fireside chat” is apparently a last-minute addition to the schedule for ULI’s event held at the Los Angeles Convention Center. It will be a closed-door, invitation-only session, a ULI spokesperson said. The mayor was not listed on ULI’s conference schedule this week.

During a panel Wednesday about the city’s efforts to boost affordable housing, the topic arose regarding how much revenue the ULA tax has generated. Hornstock conceded the city had not met initial projections, but said the industry raced to close deals before the transfer taxes went into effect in April, causing a subsequent “chill” in the market. Rising interest rates haven’t helped either, she added.

Hornstock also said Measure ULA was “citizens’ initiative, not a city initiative.” Measure ULA was approved with a simple majority vote through a local ballot initiative last year.

“Those comments do not represent the mayor’s beliefs,” a spokesperson for the mayor said when asked about Hornstock’s public comments.

ULI is an organization for real estate professionals — developers, architects, engineers, brokers, investors, lenders and government officials. Speakers at its annual conference this week have ranged from professors at UCLA to executives from Hines to local politicians.