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Welcome back to the Real Estate newsletter, where a busy week brought us news from every corner of the Southern California housing market.

Let’s start with the affordable part of the market (relatively speaking, of course). State regulators recently rejected Los Angeles’ long-term plan for growth, and now the city is facing a deadline for the ages: It must rezone to accommodate 250,000 new homes by mid-October. If the city can’t figure it out in time, it could lose access to billions of dollars in housing grants.