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Los Angeles Housing Market Is Crashing But L.A. Weekly Finds The Real Disaster
Posted By G Monkie On January 24, 2009 @ 1:10 am In Green Report / Media | No Comments
These days you can’t turn on a TV, open a paper or hit a news site without seeing something about the housing crisis and the banks going belly up. It all sounds so bad, most of us feel like closing our curtains and hope this crisis doesn’t come our way. That might work for Paris Hilton, but for the people who where already on the edge, this crisis is rolling right over them.
Los Angeles and California are in the middle of their own budget crisis and all those people relying some kind of assistance are in real trouble.
Here are some numbers from L.A. Weekly:
“If the city’s numbers are accurate, Los Angeles has been losing a massive supply of affordable housing, while city leaders repeatedly take credit for approving 10,000 to 14,000 new units during each boom year one of the busiest construction periods since the end of World War II. In the face of widespread – neighborhood resistance to this most recent boom, city planners approved often-sprawling luxury complexes in Hollywood, along Wilshire, on the Westside, in the Valley and downtown — while the city was hemorrhaging its existing cheap rental stock.
City Controller Laura Chick says 90 percent of the units built during the construction frenzy were for those earning at least $135,000.”
Read the full article by Max Taves at laweekly.com
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