Monkkonen on a Model for Affordable Housing
The Los Angeles Times spoke to Paavo Monkkonen, associate professor of urban planning and public policy, about the tenancy-in-common homeownership model, in which residents own a share of an overall lot and have exclusive rights to live in their unit. Some Los Angeles developers are using this model to replace single-family homes with new townhomes, adding to the overall stock of housing. Critics are concerned that investors may displace tenants in cheaper rentals to convert them into tenancy-in-common units. UCLA’s Monkkonen said it’s important to consider that demolished houses are sometimes renovated into high-end homes, which do not ease the affordable housing crunch. Tenancy-in-common units are typically cheaper than many housing options and could provide a quicker way to expand affordability than waiting for more supply to trickle down, he said.
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