Billionaires Leading Spending to Stop Needed Change and Measure S
Several billionaire developers are leading the newly revealed two to one spending against Yes on Measure S, pouring in more than $10 million in campaign contributions, according to city Ethics Commission reports. They are pulling no punches to stop a citywide people's movement that seeks a much-needed fix of LA's broken and rigged planning system.
The $10 million in campaign contributions to two campaigns opposing Measure S is only a fraction of the immediate profit of $30 million to $40 million the billionaire developers each reap from LA City Council "spot zoning" votes.
Those City Hall favors allow wealthy developers to ignore our zoning rules in Los Angeles -- and build massive and lucrative luxury buildings not normally allowed in communities.
A speculation frenzy has been set off by these City Council backroom deals, driving rent in dozens of areas of the city sky high.
City leaders should not be in quiet partnership with these wealthy speculators, who don't care what their megadevelopments do to our gridlocked traffic, older but sound affordable housing that stands in their way and open space and environment.
In addition, these luxury mega-projects bring wide displacement of lower-income residents, including senior citizens on fixed budgets.
Go out today and vote Yes on S.