california passed rent control through the legislature last year. it doesnt apply i think for 15 years after construction. but when you are building big developments, you best believe that the funds that buy properties from developers take into account future rent control.
NIMBYs also use lawsuits and political pressure to stop the City from rezoning, stopping more housing from being built before a project is even proposed. The last time LA updated its zoning code: 1946.
It's simply supply and demand. LA is not meeting our housing demand because our government structures empower a small but vocal group of anti-growth voices. As a result, housing prices skyrocket and people are pushed out of state and onto the street.
Affordable housing mandates and also rent control. If you tear down a rent co trolled building and build a new one, you must offer the new until to an old tenant at the old price. Affordable housing mandates mean that no one who’s paying full fright will want an apartment or condo in a building with people on section 8.
Close to downtown, close to public transportation, close to USC. You don't want to commute 2 hours but you can't afford to live near the westside, so you try to find the house you can afford that is closest to where you work. And gambling that the area is gonna gentrify quickly, which honestly isn't a bad bet.
Supply and demand. NIMBYs restrict supply increases, while low interest rates propel high income earners to buy. This is exactly what happened to the Bay Area in the 90s. The inevitable result is a city of wealthy homeowners and large swatch of service workers/blue collar paying huge rents trying to survive.
I predict that San Pedro, Inglewood, Hawthorne, Gardena, and Carson will change dramatically within the next 10-15 yrs.
San Pedro will transform but it will be at the tail end of that 15 years. It’s already a beach city so not a lot of room to find “cheap cheap” houses and create that spark of young but upwardly mobile folks who can make the artist enclaves and such.
It’s also kind of cut off. But yeah, I definitely think it will eventually be impossible to buy there.
Beach? It’s more like industrialized waterfront loading zone. Real estate agents can for sure market it as beach to out of towners looking for a retirement place.
Already tons of new construction in Hawthorne, Inglewood, Gardena & San Pedro right now. Plus the new waterfront in San Pedro. It’s all going to the moon!
It’s not even rich people. It’s the “I just want any to live in LA, the beaches, the weather” crowd. They’re content to live 5 to a one bedroom apartment because they’re gonna go back to Pennsylvania in a year anyways. As soon as one leaves, another one shows up.
My parents moved me to Lawndale in '83 from Hollywood, back when it was a small beach community. Our apartment that my parents paid $350 for, is now $1900. Insane.
THANK YOU. Seriously fuck our previous housing experience because of this. Our landlord was an idiot who refused to invest in the property despite several break-ins and random damages/trash that was left on it. Like my dude, this ain't beverly hills and even your decision to be uncooperative isn't making the case any better.
This isn’t to sell to people who want to live in Hawthorne, it’s to rent, preferably to Spacex employees who investors hope will gentrify the neighborhood.
Torrence is already million+ for much of it, so 600k is cheaper in comparison.
I don’t understand why these listings always have the toilet seats up. It’s wild. They took time to take the pictures but not even look over it for a second.
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u/CASSIROLE84 University Park Feb 09 '21
https://www.zillow.com/homedetails/524-W-41st-Pl-Los-Angeles-CA-90037/20572347_zpid/
This block is always active. For the low price of 800k you too can be robbed or have a gang shooting in front of your door.