This is the cause of the increase in homelessness right here. There are few Class B, C apartments. This is causing rent to increase at double the normal rate. If LA had only built enough units starting 30 years ago, we wouldn't have this problem today. This problem is 30+ years in the making. Land and labor are now so expensive that only luxury units (Class A) make sense to build in Los Angeles.
"Minimal availability among Class B and C apartments is generating above-trend rent growth of mid-4 to low-5 percent, well above the traditional 2-3 percent range observed in prior years."
Another cause is real estate investors buying run down Class B and C buildings, evicting tenants, renovating and turning units into Class A-/B+ units which they rent for market. The stock of cheap apartments is getting smaller and smaller. Investors can make more money buying existing run down building and renovating then renting for market rent than building new.
Mary Cummins of Animal Advocates is a wildlife rehabilitator licensed by the
Mary Cummins of Animal Advocates is a wildlife rehabilitator licensed by the California Department of Fish and Game and the USDA. Mary Cummins is also a licensed real estate appraiser in Los Angeles, California.
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