It's just getting too expensive in Los Angeles (Beverly Hills: maintenance, move)

[Astral_Weeks]

Originally Posted by jtamay3

As the poster before me said - in reality, that's not happening. It will just open the door for more people to buy from the outside. You will not out-build the demand here. Why? Because it's one of the most desirable areas in the entire country.

It's just like the freeways - you build an extra lane, traffic doesn't get any better. Instead, you end up with more cars on the road. In this case, the extra housing will just lead to extra people buying/renting those places without much of a positive effect on pricing.

.

The problem with your comparison is the freeways/roads are a free public good with a very few exceptions. The housing that is built is a private good which people must pay for. The "induced" demand of extra freeway lanes does not apply to housing which people must pay to consume.

LA County is chronically under supplied with new housing. That definitely leads to higher prices/rents. Christopher Thornberg, former UCLA economist, has written extensively on the topic.

[mysticaltyger]

Originally Posted by seain dublin

You also like the other poster have never even lived in LA. It helps to be "super wealthy" in Nashville, or Atlanta, or in Bent Fork, OK. Life is always easier regardless of geography.


When you haven't lived somewhere(not visited) you have no experience in the matter.


It's no different than knowing what it's like to be a parent, when you don't have children.

Nope, sorry. Nashville & Atlanta (and pretty much most areas of the U.S.) are MUCH friendlier to middle & working class folks than places like L.A. & the SF Bay Area. Anyone who doesn't admit this is in denial. The article below touches on the topic:

Why Middle-Class Americans Can't Afford to Live in Liberal Cities - The Atlantic

[mysticaltyger]

Originally Posted by Uncle Willis

In your opinion, what happened?!! Is it interest rate manipulation by the Fed? The wild gyrations of California home prices didn't start until 1998. It's been rough sailing ever since then.

What happened was, the housing supply has not kept up with demand for decades, despite slower population growth. You can thank the NIIMBYs who use environmentalism as a guise for advancing their own selfish interests.

Homebuilders have delayed, downsized or dropped plans for projects as residents thwart development using regulations such as the California Environmental Quality Act, established in 1970 to require environmental-impact reports, said Chris Thornberg, principal at Beacon Economics LLC, a Los Angeles-based research company.

“When you open it up like this, you just give people the chance to argue every stupid little point until you finally acquiesce and come up with some compromise that’s not even close to meeting the level of demand,” Thornberg said in a telephone interview.


Housing Woes Worse in L.A. Than New York, San Francisco - Bloomberg Business

[jm1982]

Originally Posted by mysticaltyger

What happened was, the housing supply has not kept up with demand for decades, despite slower population growth. You can thank the NIIMBYs who use environmentalism as a guise for advancing their own selfish interests.

Homebuilders have delayed, downsized or dropped plans for projects as residents thwart development using regulations such as the California Environmental Quality Act, established in 1970 to require environmental-impact reports, said Chris Thornberg, principal at Beacon Economics LLC, a Los Angeles-based research company.

“When you open it up like this, you just give people the chance to argue every stupid little point until you finally acquiesce and come up with some compromise that’s not even close to meeting the level of demand,” Thornberg said in a telephone interview.


Housing Woes Worse in L.A. Than New York, San Francisco - Bloomberg Business

Yup..many people don't realize this.

This is another good article about why there is a lack of housing in L.A
The incredible shrinking megacity: How Los Angeles engineered a housing crisis - Salon.com

The article has a link to an academic journal article about this topic of zoning in L.A , which may be of interest to those interested in this topic.
http://dh101.humanities.ucla.edu/DH1...e30c6ef581.pdf

[seain dublin]

Originally Posted by mysticaltyger

Nope, sorry. Nashville & Atlanta (and pretty much most areas of the U.S.) are MUCH friendlier to middle & working class folks than places like L.A. & the SF Bay Area. Anyone who doesn't admit this is in denial. The article below touches on the topic:

Why Middle-Class Americans Can't Afford to Live in Liberal Cities - The Atlantic

I wasn't referring to COL in my comments.

I am referring to people who for some odd reason post on the LA board who have never lived in LA and are telling people where they should and shouldn't live. What life is like in a city they never resided in.

Visiting a place doesn't count. You can say I visited and I loved it, or I hated it. But you have no opinion on what it is like to live in a place when you haven't resided there.

I said I wouldn't go on the Nashville boards offering advice on what it's like to live there because I visited the place once.

Not a hard concept.

[theraven24]

Originally Posted by seain dublin

i wasn't referring to col in my comments.

I am referring to people who for some odd reason post on the la board who have never lived in la and are telling people where they should and shouldn't live. What life is like in a city they never resided in.

Visiting a place doesn't count. You can say i visited and i loved it, or i hated it. But you have no opinion on what it is like to live in a place when you haven't resided there.

I said i wouldn't go on the nashville boards offering advice on what it's like to live there because i visited the place once.

Not a hard concept.

This.

[maxutilperusd]

I've come here to rant, which I believe is in the spirit of this thread. Here have been my rent increases for the time that I've been living in my apartment in Koreatown.

1/31/13 Move in at $1375 per month
1/31/14 Increase to $1475 per month
1/31/15 Increase to $1595 per month
1/31/16 Will increase to $1740 per month

This feels like price gouging! I'm paying significantly more now than I was on a mortgage for a 1 bedroom condo, which was much nicer and bigger than the apartment I'm living in. I've been looking at alternative living arrangements and I can't find much out there. Either the prices are only slightly less with a significant drop in quality, or the price is quite a bit more for a luxury style apartment.

When I sold my condo in 2014, I thought it was a good time to sell and I indeed cashed out at a profit. I'm waiting for the next crash to buy again. When will the next market correction come? This can't be sustainable with stagnant wages.

[Cardiff Kook]

Rotfl @ at cashing out, making a profit, and now hoping for a crash...boo hoo

[WizardOfRadical]

LOL yea that sounds like a dumb gamble. Wouldn't it make more sense to stay in the condo, wait till the next crash and buy a new home and rent the condo out?

[Mister 7]

We left because we didn't have a good enough QOL for the obscene amount of $ we paid to live there at the end of the day. It just wasn't worth it. Luckily someone took over our lease so we saved some $, but our landlord said the rent on our old apt would be going up $350(!!!) once the lease was renewed. That's just bonkers.