December 27, 2019

BUT...BUT...BUT...CALIFORNIA IS DYING!:

L.A. rent rose 65% over the last decade, study shows (JACK FLEMMING, DEC. 27, 2019, LA Times)

The report -- which synthesized data from PropertyShark, Yardi Matrix and the U.S. Census Bureau -- found that the average rent in the city of L.A. has ballooned to $2,527, a whopping 65% increase since 2010. That's significantly higher than the national average rent increase of 36%. [...]

Over the course of the decade, 2.4 million apartment units were built to meet the rising demand, the study found. Roughly 98,000 of those were constructed in L.A., good for fifth-most in the country. The high mark is due to a flurry of notable developments that moved forward this year, including a controversial project that's adding 725 units across five seven-story apartment buildings in Chinatown.

Other developers are taking advantage of a city program that allows for larger-than-usual projects near transit if developers ensure some units are affordable for people with lower incomes. On Venice Boulevard, one such builder is erecting an eight-story building with 79 units on a site zoned for 46 units by reserving eight for low-income households.

No one ever moves there anymore; it's too crowded.

Posted by at December 27, 2019 5:49 PM

  

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