Last week I attended ULI’s brownbag lunch on “Market Outlook Implications for Cities and Redevelopment Agencies,” moderated by Bob Gardner of RCLCO.
Representatives from the CRA in Los Angeles put on their best game face and talked up the $180 million in committed funds that are still on the table (despite the contested money grab by Schwarzenegger), while a city employee from Lancaster admitted that the downturn is “an opportunity to update the city’s general plan.”
There was much discussion about what the “new normal” would look like once the current market has bottomed out and self-corrected. One of the most interesting remarks came from Ellen Michiel of RBF who predicted that immigrants would lead the way in economic growth, via an explosion in small businesses, entrepreneurship…and that mainstream financial institutions would do well to support this burgeoning demographic group through increased micro-lending.