Results for “la crescenta”

Opportunity Zones were put in as part of the big tax cut package passed by Republicans early in the Trump Admin. States hastily picked the Opp. Zone areas largely based on median income of census tracts. Places like K-Town, West Adams, and Arts District had some low incomes, but already were attracting investment. Nevertheless, under a rushed programs like this, they were chosen.

"because sky-high rental prices may be affecting renter demand for apartments in the LA area."

Wait, so there is a correlation between supply, demand and prices? Have any economists ever studied this concept? Has the LA City council looked into this as part of the reason why rents may be so high?

Trump is a moron. I’m just sick and tired of the corrupt idiots running LA and the State who impose restrictive zoning and over-regulation to inhibit development and then they blame the federal government’s policies. The housing crisis is a local and state issue, not a federal one.

That’s "Beverly Hills Post Office" which is really LA, but serviced by the Beverly Hills Post Office and the price entry point of Beverly Hills

It’s complicated

In my neighborhood someone with a foreign sounding name has been soliciting offers to participate in an "opportunity zone investment" that is "TOC designated". Like this Koreatown project the one in my ’hood is in a good part of town.

I’ve been wondering for a while now when opportunity zone funds might be coming to LA and here they are. I thought they came with some requirements (like rent control) and were targeted towards "distressed communities" where without them no one would want to invest. Koreatown is hardly an area struggling to lure investors so what gives?

The capital gains tax on a RE sale is deferred for those who participate in these funds and in exchange for that it was my understanding there would be a more risk (from investing in a distressed area) and a smaller return (from rent control). Maybe the 18 affordable units count in place of the rent control that I remember being part of the fund requirements).

On this Koreatown project you lose a few RSO units but pick up 18 affordable plus 139 market-rate. Seems like a win-win and don’t forget the developer has to pay a $21,000 relocation fee to each of the evicted tenants. It’s shameful that wasn’t mentioned in the Curbed article.

TOC + opportunity zone funds could be a powerful force in the LA market and lead to some interesting proposals just wonder how they are justifying "distressed".

Just about all new development in LA will require the demolition of an existing building – some of which have apartments. You can’t avoid it. And the only way to make it profitable is to build a whole lot more units on the land which creates more density. yes people will have to move – but do you want density or don’t you? you can’t have one without the other.

LA has 60,000 homeless and SF has around 8000. I’d say that’s a fair trade

@Partymuscles you missed the points (plus thanks for not wanting the largest section of the City of LA to enjoy ourselves and spend $ on Hollywood Blvd) all the reasons i mentioned are why the Blvd won’t come back no matter how much remodeling is done until the items I listed are fixed.

Rent control is the primary reason LA has a "housing shortage", not zoning per se. Had rent control not permanently deprived the multi-family market of capital to maintain 650,000+ units for 40 years, and gifting those wily (ahem) Boomers who never grew up, permanent cheap rent, all the while denying the highest-and=best-use of each door, we’d have a healthy, competitive rental market.

Everyone is subject to displacement. It happens.

If you don’t like that prospect, sign a long-term lease (yes, Virginia, that was common before rent control made it pointless), or create conditions that encourage "greedy" developers to build more for-sale units (see "before rent control" …).

Better to spent funds on physically cleaning up the area and more police for safety. Do that for five years and then let’s see if more businesses and people come back.

I live in the San Fernando Valley after decades of living in Hollywood and let me tell you why most LA residents stay away now.

1. In the SFV we have ample, cheap and free parking. Unless I’m at Scum and Villainy (great geek bar) for an event it’s not worth the expensive parking lots. Removing the few metered spaces will keep away those who drive over. Don’t suggest the subway as it’s not 24 hour plus #2…..

2. Lack of safety or impression of. The crazys and violent people go up to people and you don’t know if the person is just a crazy or will knife you.

3. Dirty. I hung out on the Blvd in the 70s and the store owners swept up and people, including the hippies and homeless, weren’t pigs. Now it’s filthy, stinks, homeless live in the doorways of empty stores and in front of the glass windows of the open ones.

4. If they’re hoping to turn the Blvd into what it once was, or a copy of Citiwalk, they would need to do what Las Vegas did to Fremont Street, including turn the area into public/private, and run security and cleaning up like an private mall. Fremont St area pushed out the homelessness and criminals with police all around. Vegas doesn’t care about their homeless.