Spencer Glitcher's questions to Public Storage (PSA) leadership • Q4 2024
Question
Spencer Glitcher asked about the transparency and potential duration of the Los Angeles rent restrictions and inquired about recent changes in input and labor prices for the development pipeline.
Answer
Executive Joseph Russell explained that the L.A. state of emergency was unusually extended for a full year and is technically in place through January 2026. Regarding development, Russell stated it's too soon to tell if immigration policy will impact labor costs, but noted that development remains challenging, which enforces discipline across the industry. He emphasized that Public Storage's scale provides advantages in managing these risks.