A new study found that Los Angeles is losing millions of dollars in revenue from illegal billboards and other signs because of a lack of enforcement.
The study, conducted by consulting firm Cityfi, also found that the city is losing over $63 million a year in advertising revenue and permitting fees due to signs or billboards being placed on properties where they're maybe not allowed or where the advertisers are breaking the rules.
Marla Westervelt, principal at Cityfi, told KNX News’ Jon Baird that the study identifies 2,400 potential housing units on parcels that are currently being used for signage that could house up to 10,000 people
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“Some of those ad buys went up to about $250,000 a month, creating a massive incentive for these property owners to sell advertisements rather than finish a construction project or redevelop that land,” she said.
The study also said that the city “risks violating Olympic signage rules” if it doesn’t have a clear signage plan.
You can check out the study here.
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