Southern California is coming to terms with a new reality, one in which energy and water must be carefully managed and where the next major earthquake poses a looming threat to public safety. In response to these increasingly pressing issues, Los Angeles Mayor Eric Garcetti is releasing a City-wide Sustainability Plan to help prepare Los Angeles for the future.
On the energy front, the Mayor and City Council are proposing a set of local ordinances that will require property owners to publicly disclose their energy and water use and benchmark their facilities’ efficiency, in hopes of spurring reductions.
In parallel with the Mayor’s policy agenda, the LADWP board has adopted a goal to reduce energy use 15% across its entire customer base by 2020 – the most aggressive target in the nation – and significantly increased budgets for its rebate and incentive programs to incentivize property owners to help DWP hit its targets.
To combat the ongoing drought, the Mayor has signed an executive order to reduce water use by 20% by 2017, and cut the City’s purchase of imported water 50% by 2024.
And recognizing the inevitability of another major earthquake on the San Andres Fault, Mayor Garcetti has proposed the most ambitious seismic safety regulations in California history — rules that would require owners to retrofit thousands of buildings most at risk of collapse during a major earthquake.
These developments have important implications for the real estate industry, and for the broader LA community. Join us as our expert panelists discuss these important issues, and how the real estate industry can play a role in shaping how these policies are implemented.