I came across this article on Curbed LA, and thought it was pretty interesting. Three people who recently moved from San Francisco to LA explain their reasons for making the change. All three cite skyrocketing rents in the Bay Area. The thing that struck me was that the trends they describe in the San Francisco housing market are happening here, too. Real estate firms are buying existing buildings and jacking up rates. Developers are working furiously to create new high-end buildings. And if you can’t afford to pay the exorbitant prices, tough luck.
Our elected officials aren’t helping the situation. While they’ve made some small moves to create affordable housing, their efforts are shamefully inadequate. Of course, what motivation do they have to protect renters when they’re getting tons of campaign cash from developers who’ve put big money in high-end housing?
Anyway, here’s the article. If things keep going this way, these same people will be forced to move out of LA in a few years.
Don’t worry. Garcetti has a plan for those of us who can’t afford the skyrocketing rents. See the picture below for a preview.