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Los Angeles apartment construction has dropped by close to a third in three years as developers struggle with unprofitable economics and regulatory uncertainty.

Institutional investors are pulling money from L.A. real estate projects, preferring other cities with more predictable development rules and profits.

New apartments need $4,000-$5,000 monthly rents to break even, forcing residents to live farther from their jobs.

Los Angeles developer Cliff Goldstein just completed a plush new apartment complex on the Westside, but that’s the last one he’s going to build for the foreseeable future.

Even though demand for housing in the region is red hot, many people who build apartments

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