Bryan Ellis Chief Revenue Officer | realtors.com
Now that the Paris 2024 Summer Olympic Games have concluded, attention is turning to the next Summer Olympics, set to take place in Los Angeles in July 2028. This will mark the third time Los Angeles has hosted the event, with the last occurrence being in 1984.
Preparations are already underway to accommodate the anticipated influx of millions of attendees. Notably, there are plans to mitigate traffic congestion by implementing a "no-car games" initiative.
"We're already working to create jobs by expanding our public transportation system in order for us to have a no-car games," said Los Angeles Mayor Karen Bass at a press conference on Saturday. "And that's a feat in Los Angeles because we've always been in love with our cars, but we're already working to ensure that we can build a greener Los Angeles."
Bass also mentioned plans to borrow 3,000 buses from across the country and encourage businesses to allow employees to work from home during the 17-day event. According to the LA28 organizing committee, while driving will not be prohibited, public transportation is expected to be a more convenient option.
Residents of Los Angeles have mixed feelings about these developments. Stacy Walter, a transcriptionist from Santa Clarita, expressed excitement about attending events but concerns about logistics and transportation issues. Despite living in Los Angeles for 12 years, Walter has seldom used public transportation due to safety concerns.
Safety is another issue Bass aims to address by cleaning up city streets. Reports indicate that up to 30,000 homeless individuals could be present during the Olympics. "It would be awful if that were the case," Bass told NBC Los Angeles. "But I want you to know that we're going to do everything to make sure that it's not." The goal is a significant reduction in street homelessness by then.
California Governor Gavin Newsom recently ordered state agencies to dismantle homeless encampments. However, Bass has hesitated on this directive due to concerns it might merely relocate homeless individuals without providing permanent housing solutions.
In terms of real estate, several improvements are planned over the next four years—including remodeling the L.A. Convention Center and expanding both rail systems and airports—which may increase property values based on historical trends observed in previous U.S. Olympic cities like Atlanta and Salt Lake City.
Realtor.com® senior economist Ralph McLaughlin noted an uptick in home price growth about one year before past U.S.-hosted Olympic Games followed by moderated growth as the event approached.
Local real estate professionals predict increased investor interest as well. Marco Gonzalez of Coldwell Banker Realty expects investors will buy rental properties ahead of tourist influxes while Jon Schwartz from Fathom Realty Group anticipates rising home values around venues such as SoFi Stadium in Inglewood.
Salt Lake City real estate agent Joel Carson recalled similar impacts during their Winter Olympics in 2002 and foresees renewed interest for their upcoming Winter Olympics in 2034.
Atlanta saw substantial new construction before its 1996 Summer Olympics which attracted new residents post-event leading significant increases property values according Julie Brittain Real Brokerage Atlanta
Short-term rentals may also see notable effects given platforms like Airbnb now exist; McLaughlin suggests this could introduce unexpected dynamics into L.A.'s housing market come 2028 especially considering Paris saw substantial rise short-term listings recent summer
Denise Supplee co-founder SparkRental.com predicts high occupancy rates higher prices short-term rentals during period everyday homeowners might benefit too renting homes temporarily
"A lot L.A residents make small fortune heading out town week two renting homes," Schwartz said adding he plans doing same
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