BLERGH! Homelessness is one of the symptoms.... from many diseases.... with many causes... I'm glad they're making some headway.L.A. County Measure H will generate $350 million a year for homeless services, and L.A. City Proposition HHH will raise $1.2 billion over 10 years for affordable housing construction.
According to the nonprofit California Housing Partnership Corp., median rent, adjusted for inflation, increased more than 30% from 2000 to 2015, while the median income was flat. Currently, the median asking price for rentals countywide is $1,995 for one-bedroom apartments and $2,416 for all multifamily units, according to the real estate website Zillow.The Homeless Services Authority linked the worsening problem to the economic stress on renters in the Los Angeles area. More than 2 million households in L.A. and Orange counties have housing costs that exceed 30% of income, according to data from Harvard University’s Joint Center for Housing Studies included in the report.
maybe I'm on a raging rant or something... 1. housing is expensive. 2. some people can't afford to finance/buy it. 3. people lose housing. 4. some people can afford to buy housing with cash as an investment and charge "market rate" 5. some people can afford to buy housing on credit and HAVE TO charge "market rate" to make the inflated mortgage (see point 1) 6. some people think they can afford to do point 5, but really can't and since they leveraged too steep - they find themselves at point 3. I know I'm stating the obvious - but I'm trying to work it out on paper... The only people who win in this whole situation are the people with capital already. Compensation isn't keeping up with housing costs (anecdotally anyway) Fewer people will be able to afford housing. . . people with capital win
There are governments loans available for such purposes :)
This played out in my old neighborhood. 1) Build high-rise partially funded by tax incentives for section 8 housing 2) Fail to sell condos 3) Argue that the business model didn't work, everything needs to be apartments (no section 8) 4) City refuses to give occupancy 5) Developers sue city 6) City settles, condo becomes apartments, no affordable housing.
Inheritance tax is not capital gains. Inheritance tax you only get when someone dies. Capital gains you get whenever property is bought or sold. You wanna cool a housing market, suck the profit out of speculation. And then get voted immediately out of office.
My wife and I have been house hunting for a few years now. There's a lot of things that have held us back from purchasing, mostly in that the houses we want we can't afford and the houses we can afford, we don't want. But I digress. Two years ago, we would choose a neighborhood, put in our price range, and probably get about 20-30 results. Today? Same neighborhoods, same price range, and the number of results are less than half that, if not lower. To make matters worse, the turn around time here is ridiculous. Shit literally goes on the real estate site one day and by the time I have time to show it to Dala sales are already pending. It's fucking dumb. Two years ago it was hard. Now? It's feeling fucking impossible.
I was looking at apartment buildings in '08. Friend of mine owns 5 units and it works out nicely for him. The GRM (Gross Rent Multiplier - literally the purchase price to the rental income) back then was like 6,7. It's 14-18 now. I checked out a big ol' $6m apartment complex yesterday; for that $6m investment your net income is $240k a year. In order to break even on that $6m building you need to make a $5m downpayment. So the people who are investing in that market right now are the ones that have $5m or more in cash.
Same here... cash is king. We're competing against people who are trying to shield their marijuana profits through real estate. People are literally laundering money through real estate. Guess who wins between me with great credit and a contract on my house - or a dude who literally has a briefcase of cash.the turn around time here is ridiculous
Assuming you make $9 an hour, you'd need to work 70+ hours a week just to make rent after you factor in payroll tax. Fuck literally everything about that.Currently, the median asking price for rentals countywide is $1,995 for one-bedroom apartments.
You put two people in the bedroom and the kid sleeps on the couch. Now only 35 of your 40 go to rent. You have an extra $270/mo left over for car payment, gas, insurance, electricity, water, sewer and food for three people. What the hell is your problem, man? (BTW: if you're earning $9 an hour you live a long way from where you're making your money and probably spending $100/wk on gas easy)