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In hopes of plugging the state’s affordable housing shortage, some California government agencies are purchasing buildings, usually luxury ones, and

Filling the ‘missing middle’ in LA’s housing market is focus of new government program. Will it pay off? Listen 8 min MORE The Oceanaire apartment complex in downtown Long Beach was originally a luxury building, with a studio costing $2450 in rent per month. Now thanks to a government program, the same studio could cost $1841/month for some tenants. Photo by Anna Scott/KCRW. The Oceanaire apartment complex in downtown Long Beach, a short walk from waterfront, opened two years ago as a typical luxury project: sleek arc...

Waterford Property paid Carmel Partners $300 million for a 500-unit luxury rental complex that will be converted to middle-income housing.

- ADVERTISEMENT - A new state program seeks to increase the stock of housing for the so-called “missing middle” by issuing bonds to investors who buy existing market-rate buildings that are then transformed into units that a four-person household making $90,000 to $135,120 annually can afford. Lennar, the developer of the Oceanaire building Downtown, recently took advantage of this new bond program and sold the two-year-old luxury complex for $144 million to the California Statewide Communities Development Authority, which bought the building using bonds purchased by investors who are rep...