The margin was slim, with 826 against and 766 against a Skid Row Neighborhood Council, but LA Weekly says that one big tide turner was the mobilizing of property owners large and small.
Citing emails obtained under the California Public Records Act to and from Business Improvement Districts of the Historic Core and the Fashion District, the Weekly says it found that a major opponent of a new neighborhood council for the impoverished area was Capital Foresight.
Capital Foresight owns loft buildings in parts of Downtown that would have been located in the new council’s boundaries. According to the newspaper:
In an email to a manager from the Palo Alto–based property trust that owns PE Lofts at Sixth and Main, Scott Gray, director of operations at Capital Foresight, warned that the formation of a Skid Row Neighborhood Council could depress property values in and around the affected area. “The implications may not sound politically correct; however, the economic realities are obvious,” Gray wrote.
Gray declined to comment on the email to the Weekly.
Head over to the Weekly for the full story.