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Everyone's Going Rental

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The LA Times' Cara Mia DiMassa looks at the effect that the condo-to-rental trend has on shaping downtown's demographic. At least in downtown, some of the condo buyers have been buying the units as investments and not living full-time in the residences. Developer Tom Gilmore tells the paper: "The dark side of condo owners is that many are part-time residents. Those rentals are uniformly used on a daily basis. You actually get more buy-in on a community level because there are more people using the streets every single day." Gilmore says downtown needs a mix of both renters and buyers. Meanwhile, what's not addressed in the story is the loss developers take when they switch to rental. Alon Zakoot, the developer behind this project, told us back in August that no developer ever wants to go rental. [LA Times]