Billionaire Peter Thiel has been revealed as the buyer of Casa Encantada, a storied Bel-Air mega-mansion that was auctioned off for $130 million over the summer.

Construction is far along on Echelon Studios Hollywood: an old-school movie studio with all the standard features, but stacked in a single building rather than spread out on a sprawling lot.

L.A. City Council approved $466.6 million in affordable housing funding on Tuesday. It'll go toward developers, nonprofits and land trusts developing housing projects.

A large-scale housing development has been approved on the former site of a state hospital campus in Costa Mesa.