Los Angeles is not exactly “sparsely developed” in the regards to its real estate market. While we don’t contend with the population density of many other, more vertically developed cities like New York, housing is not as easy to find by any stretch of the imagination. State and city officials understandably have a bit of complication on their hands in terms of the logistics of hosting the Olympics in 2028. The question on many people’s minds is not so much where the events may take place, but moreover where will the thousands of athletes and other individuals working with the Olympics live during the event?
According to officials, this is a relatively minor concern (or at least they present it this way), with one official stating that cities “seldom go into the Olympic Games with housing ready to go.” If that’s the case, then some enterprising developers are going to have as much work as they can handle over the next decade.
These types of developments create difficult legal issues, from the underlying ownership of the properties to the length of time that the Olympics will occupy them and what can or should be done with the property once they games end. These are only a few small examples of some of the simplest issues at hand.
Developers know that a good opportunity comes with many risks. An enormous component of mitigating any type of risk is understanding its scope, which is often difficult. If you have any questions about the legal issues or contractual obligations surrounding any particular development project, an attorney with experience in real estate law can help you identify and minimize risks before they even have time to arise.
Source: 88.3 KPCC, “Where are we housing everyone for LA’s 2028 Olympics?,” Aug. 02, 2017