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When ED1 was signed into law at the end of 2022, it felt like the floodgates were finally opening for affordable housing in Los Angeles. Developers rushed in. Permits were filed. Projects moved. Now, a little over 3 years later, the first wave is delivering. So what’s the issue? These deals were underwritten assuming low-income tenants would be placed using government vouchers. But in 2025, LA hit a budget shortfall and stopped issuing new vouchers. That changed the math comp