On any given night in 2020, nearly 50,000 people endured unsheltered homelessness in Los Angeles County. In response to stagnating progress on placing people in housing, local and statewide agencies have been experimenting with various distinct strategies commonly referred to as “master leasing.” In practice, these master leasing strategies vary dramatically in terms of legal responsibilities, opportunities, limitations, and implementation costs. The Conrad N. Hilton Foundation engaged the Urban Institute to explore the feasibility and potential infrastructure of a master leasing strategy in Los Angeles. This report categorizes different master leasing strategies, discusses their associated opportunities and limitations, examines potential infrastructure models, and provides a financial framework for understanding costs.