In affluent Beverly Hills, the clash between luxury and affordable real estate is reaching new heights — and power broker Josh Altman is calling these proposed plans detrimental to the city’s future.
Altman, known for his role on “Million Dollar Listing Los Angeles,” spoke with Fox Business, arguing that building affordable housing in Beverly Hills simply doesn’t add up financially.
“The greatest, grandest city on planet Earth, we’re talking about. The Beverly Hills Hotel, Rodeo Drive. We’re talking about Rolls-Royces and fluffy poodles. Some of the best movies ever filmed here in Beverly Hills. High-end everything,” Altman told network anchor Stuart Varney.
The star broker pointed out the practical challenges of shoehorning affordable units into a landscape dominated by luxury boutiques and opulent estates.
He joked about the possibility of housing atop designer stores, highlighting the scarcity of space in the Southern California city that’s known for its exclusivity.
“The issue is, where? Where are we going to put it, and where are the things that are going to make people do this?” Altman added.
“Let’s talk about location first, OK. Before we get to incentives, where are we going to put it? Across the street from Prada and Gucci? You’re going to put it on top of Louis Vuitton? It just doesn’t work. There’s no room here,” Altman said.
California state law mandates the addition of more than 3,000 homes in Beverly Hills by the end of the decade.
Altman’s comments come amid a legal battle over building permits, with a recent judge’s decision to block home improvements until the city finalizes its affordable housing plan.
This ruling has left Beverly Hills, home to celebrities and affluent elites, grappling with how to reconcile its glamorous image with state housing requirements.
“My issue is: why are you hurting my clients, the residents?” Altman said. “Why are you hurting the person who just spent $15 million on a house that pays a lot of taxes to the city? Why aren’t you letting them get a pool for their kids? It doesn’t make sense. What does that have to do with the other thing?”
State housing regulators have so far rejected five housing blueprints from Beverly Hills since summer 2021.
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