‘Million Dollar Listing’ star argues Beverly Hills has no room for affordable housing: ‘Doesn’t pencil out’

A judge in California blocked all residents of Beverly Hills from completing any home renovations, arguing that the city first needs to address the lack of affordable housing.

“Million Dollar Listing” star Josh Altman says that the plan to add more affordable housing is good in theory, but ultimately is “hurting” residents.

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His comments come on the heels of Los Angeles Superior Court Judge Curtis A. Kin arguing that the city has failed to follow state laws requiring approval of a plan to build low-and-middle-income housing. The ruling, issued in late December, will temporarily suspend Beverly Hills’ ability to issue new building permits. That means no new swimming pools, kitchens, bathrooms or gyms for the mansion owners of area code 90210.

“The greatest, grandest city on planet Earth, we’re talking about. The Beverly Hills Hotel, Rodeo Drive. We’re talking about Rolls-Royces and fluffy poodles. Some of the best movies ever filmed here in Beverly Hills. High-end everything,” Altman said to FOX Business’ Stuart Varney.

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“I was in Dubai last week doing business, and someone said, ‘I love Los Angeles, we go to Beverly Hills to spend money,’” he continued. “Now, I have no issue with the low-income housing that the judge wants us to put in Beverly Hills. They want almost up to 3,000 units built in Beverly Hills. The issue is, where? Where are we going to put it, and where are the things that are going to make people do this?” 

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The city has a long way to close the gap – over the past eight years, Beverly Hills has only managed to add roughly 20 units.

Altman claims that the city’s biggest problem is the lack of space, suggesting in jest the top of a Louis Vuitton store as a housing expansion spot.

“Let’s talk about location first, okay. Before we get to incentives, where are we going to put it? Across the street from Prada and Gucci? You’re going to put it on top of Louis Vuitton? It just doesn’t work. There’s no room here,” Altman stressed.

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“Also, where are the actual things that are going to allow people to do this and actually add value? Let’s talk about building. Right now, there are places where maybe you get four stories instead of, maybe make it where you can have eight stories built, so people can actually make money building these residences for low-income housing, which will make sense because it doesn’t pencil out right now,” he argued.

Altman continued, spotlighting that California has repeatedly rejected the city’s affordable housing plan.

“What’s interesting is the city of Beverly Hills has gone to the state four different times, with a plan for up to 3,000 units that need to be put in Beverly Hills, which they want them to do. The state has turned down these plans because they don’t think the plans are realistic,” the “Million Dollar Listing” star explained. 

“My issue is, why are you hurting my clients, the residents? Why are you hurting the person who just spent $15 million on a house that pays a lot of taxes to the city? Why aren’t you letting them get a pool for their kids? It doesn’t make sense. What does that have to do with the other thing?”

Pending an appeal of the judge’s decision, the city of Beverly Hills will continue to issue housing permits. 

FOX Business’ Jim DeRosa contributed to this report.