Results for “long beach”

A certain amount of instability needs to be tolerated. I admit that full-on instability is bad for business, but you can’t put all of the pressure on low-income neighborhoods to build affordable housing. That’s worse than anything else, because it does a number of bad things:
1. prevents twice the neighborhoods from becoming mixed-income, or at least middle-income.
2. established, parochial, country-club interests would rule over too much.
3. furthering real systematic issues such as long-running lack of transit and redlining.
4. preventing true parity when it comes to neighborhood-neighborhood interaction.

Not a queen, by a long shot. Lame.

Good to see that there is a court ruling that says a racial pretext of any kind is not required. Now go one step further and say that racial pretext is banned, eliminate long-standing racial pretext from any law or bill, and finally start putting pressure on low-rise white neighborhoods to eliminate redlining, and do their due diligence as far as affordable housing is concerned. Simple as it gets.

You are correct that the people who vote the most have the most to gain from keeping the stock market and real estate market up. And I’m sure that is why the government does what it does. I fear that there will be major consequences in the long run as I don’t believe this is sustainable.

Totally agree with what you’re saying with the affordability outside a city like SF or NYC. My numbers were specifically talking about living within the city limits. To afford a modest house in a somewhat safe neighborhood in LA for instance (cheaper then NYC or SF) you’re talking 1 million dollars. If a couple put 300K down to get a conforming loan you are still talking about $4,500.00 a month with tax, insurance, and loan . If a couple making 100K a year each can save $1,000.00 a week (25% of their gross salary) you’re still talking close to 6 years of savings to hit 300K and by that time the cost of the house has probably gone up. So when I say major stacks of cash I’m talking about living in the city limits, sure outer suburbs are cheaper but in a city like LA where it is so spread out those suburbs are pretty much different cities with super long commutes to the jobs in DTLA or the Westside.

A Camry would be a tight fit at 16 feet long, a Corrolla would squeeze in at 15.25 feet long.

There is for sure some truth to what you are saying but the reason houses cost a lot to build -( not counting major metro areas) – is the cost of labor and materials not necessarily the cost of raw land or regulation. Los Angels or NYC have major regulations but those are nothing when the company building the projects has 100s of millions behind them and stands to make 10s of millions upon completion. You can’t really compare LA, NYC, or SF metro areas to the rest of the country and there is no crash big enough for millennials to buy into these markets without major stacks of cash. Unfortunately the ship has long sailed for young people starting out to buy into major US cities unless they are making a lot of money, Im talking excess of 250K yearly between a couple. In the end, the amount of new people entering any giving market is such a small percentage that the government considers them irrelevant when thinking about housing value as compared to the over all group of home owners. Most of the people that actually vote have their net worth tied up in their primary residence and some type of 401K style equity savings so politicians will prop those up first and young people with little money that don’t vote in large numbers just get ignored. I don’t think it is right I’m just calling it as I see it. Being an older millennial that owns multiple properties in LA and San Bernardino county I know what my wife and I had to do to get in the game and I still look back and feel it was impossible and largely do to a couple lucky business moves early and not some bootstrap pulling bullshit.

I had concerns about both the stock market and real estate before covid – simply because we have cycles. it goes up for a number of years and then it falls. The current real estate market started to pick up steam in 2012 so we’re already 8 years into a strong real estate market. It can’t just go up and up and up forever – something always comes along to knock markets back. Then covid hit and I was really nervous about what that could mean long term. I was already planning on selling a home that had a lot of equity this fall but decided not to roll the dice and just get it sold. I was lucky we received a bunch of offers and it sold 100k over asking. I still own real estate but it’s all long term hold stuff and i’m okay if the market falls on those. I think both stocks and real estate will have to face reality at some point. Unemployment is too high for it not to. but for some reason especially with the stock market, they are being really optimistic (to the point of stupid). I really hope the markets don’t fall hard because it always hurts the poorest folks first and the worst. If real estate takes a major hit we’re going to settle into a depression for sure. that will take a long time to recover from and you’ll see a lot of pain and suffering especially in light of the revenue shortages in most states. Right now we have a lot of relief money that is helping people survive but that won’t last forever and many of those jobs that have been lost are probably not coming back. scary times.

Putting this here because Curbed does not allow any comments on Alyssa Walkers non sense post anymore it seems -

Why all the hate for Musk AW ? You have posted multiple times specifically aiming at him and Tesla. I admit that he is not perfect and some of his projects are total BS. But he is at least trying to actually make a difference.

Musk’s years long mission to normalize electric cars will have larger impact on global warming and the climate crisis then all of the empty virtual signaling drivel that flows out of Alyssa head.

We have the same problem in LA but with residential. The developers keep building stuff and asking outrageous rents. Instead of lowering their prices to fill vacancies, they let the units sit unoccupied for years. Rich foreign investors bankrolled many of these projects, and can afford to wait. That was before COVID. Now we have a ton of vacant office space downtown that will be converted into housing. But that’s not stopping the developers from putting up more dense projects, as if nothing has changed.

The tenants in the old buildings that were knocked down to make room for the new developments, often end up on the street, and for what? An empty building. Hopefully, they can move homeless people into some of the vacant downtown skyscrapers.

Good article, Brock. Curbed LA used to run stories about long-standing vacant new buildings, but they would always take the side of the developers and say the vacancy stats were bogus.