We had a lot of rain in February. Not long after the storms passed I took some photos of the LA River along the Glendale Narrows. While it was nothing like the raging torrent it had been a few days before, the runoff from the rains was still flowing freely. It was a great day to take a walk along the river.
I’m not a big fan of TV news, but I was impressed by this report from CBS. The title, Priced Out, says it all. Tenants are being displaced because real estate investors are buying multifamily buildings and jacking up the prices so they can cash in. This means working people are being forced out of their homes. The idea that we can build our way out of this crisis is ludicrous. Yes, we need to build housing, but the people who argue that high housing prices are simply the result of short supply don’t know what they’re talking about. According to the CBS report, median rent in LA increased 84% from 2010 to 2018. This is a direct result of a massive expansion in real estate speculation, and the impacts on LA households have been devastating. Click on the link to view the video.