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Nov 21 - LA Has More Vacant Homes Than Homeless People, Report Finds


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 3 weeks ago '11        #1
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Sin  topics gone triple plat - Number 1 spot x5
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Nov 21 - LA Has More Vacant Homes Than Homeless People, Report Finds
 

 
At least 36,000 homeless people live in the city of Los Angeles, but L.A. simultaneously has more than 41,000 empty housing units, according to a report released Tuesday by UCLA law students and a coalition of economic justice organizations.
Researchers from the UCLA School of Law and nonprofit groups Strategic Actions for a Just Economy and the Alliance of Californians for Community Empowerment, who authored the report, found many of these units were purchased or built as long-term financial investments, and that allowing them to sit unoccupied worsens the region's housing shortage.
The findings quantify the number of apartments and condominiums that appear to be investments and/or second homes. The research is based on an analysis of property ownership records obtained through the Los Angeles County Office of the a*sessor and the commercial real estate information service, Co-Star.
THOUSANDS OF EMPTY HOMES
Besides taking a look at L.A.'s housing market on the whole, the report also zeros in on vacancies in recently built, luxury residential housing.
Researchers analyzed 10 high-end apartment buildings in Downtown Los Angeles and 25 high-end condominium buildings around the city.
In the 10 downtown buildings, researchers found an average vacancy rate of over 70% in April 2019, using information provided by CoStar. Most of the buildings were ready to be occupied in 2018 or earlier, though two weren't completed until 2019.
These are buildings where the asking rate for a 750 square-foot, 1-bedroom apartment can soar far north of $3,000 a month.
Despite the high vacancy rate, the rents remain high because the building's owners are betting on affluent residents moving in eventually, researchers suggest.
"When developers put up exclusive luxury buildings that rent for more money a month than the residents currently living in a neighborhood make, they are making a speculative bet on what that neighborhood will look like in the future," the authors wrote.
The report also examined ownership records for 25 condominium buildings in Los Angeles.
Condos, unlike rented apartments, can be individually bought and sold on the real estate market. Authors claim that roughly 71% of the condos in the buildings they examined were "effectively vacant," meaning they are not used as a primary residence. They could, however, be rented out to tenants, which is not contemplated in the data.

Report authors also found that 46% of the condos they examined were owned by corporations or institutional investors.
A VACANCY TAX IN LOS ANGELES?
Report authors recommend lawmakers pursue a tax on vacant homes. They say such a penalty would discourage the practice of investing in vacant housing stock purely for financial gain.
In June, several members of the L.A. City Council proposed developing a vacant homes penalty in L.A. Their motion asks city departments to determine how many vacant homes there are in Los Angeles and why they remain vacant, though the study is yet to be completed.
The motion also says this information could potentially be used place a vacancy tax on the city ballot for voters to consider sometime in 2020.
Under state law, any such tax requires voter approval to become effective.
San Diego County leaders are also considering a vacancy tax on homes. Voters in Oakland passed a tax on vacant land in November of 2018. And San Francisco's Board of Supervisors may place a tax on empty storefronts before voters in March 2020.

visit this link https://laist.com/2019/11 .. m_campaign=npr
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 3 weeks ago '04        #2
Tic Toc 
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This is why I never believed it when they said there was a housing shortage...

There are always apartment openings all over the city...the problem is, they cost way more than they're worth, and most people just dont make that kind of money...

Down the street from my place, there's literally a newly built complex with like 50 units, about 10 are taken and across the street there's a park with literally 20-30 tents with people living in them....crazy
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 3 weeks ago '17        #3
LostTenets  topics gone triple plat - Number 1 spot x10
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That's pure comedy
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 3 weeks ago '11        #4
Sin  topics gone triple plat - Number 1 spot x5 OP
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 Tic Toc said
This is why I never believed it when they said there was a housing shortage...

There are always apartment openings all over the city...the problem is, they cost way more than they're worth, and most people just dont make that kind of money...

Down the street from my place, there's literally a newly built complex with like 50 units, about 10 are taken and across the street there's a park with literally 20-30 tents with people living in them....crazy
the developers mis read the market or they're early and waiting for the market to come up

but prices are rising every year so why drop them
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 3 weeks ago '15        #5
MemphisBleek 
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A vacancy tax?

I wonder what would happen if they capped property taxes .
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 3 weeks ago '18        #6
DUCEDUCE 
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Homeless dont equal tenants.
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 3 weeks ago '04        #7
Tic Toc 
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 Sin said
the developers mis read the market or they're early and waiting for the market to come up

but prices are rising every year so why drop them
No.. the area is really nice...the park is huge and relatively safe during the day... the community is pretty good..not like the one I grew up in...but to have this new development literally steps away from a small homeless encampment is messed up because these people want to live in places...they just cant afford it...

Like the street I'm talking about...if you go 2 blocks south all of the homes are 1-2 million dollars...if you go 2 blocks north the houses are 6-7 hundred thousand... and these are rentals going for 3-5 thousand a month...like how can an average worker making 50,000 a year afford that?

I agree with what you said in that other thread, about moving somewhere else if you can't afford it...but dam...$50,000 a year jobs are plentiful throughout this country.. you know what I'm saying....
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 3 weeks ago '09        #8
LOONATIK 
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Lol Los Angeles. My other home, love it so much I had to leave. I can't stand what it's becoming. You n*ggas really stop tryna be entertainers and quit moving to Los Angeles. Stay in whatever area you in, Los Angeles is taking a nosedive and I hate to see it.
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 3 weeks ago '11        #9
Sin  topics gone triple plat - Number 1 spot x5 OP
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 Tic Toc said
No.. the area is really nice...the park is huge and relatively safe during the day... the community is pretty good..not like the one I grew up in...but to have this new development literally steps away from a small homeless encampment is messed up because these people want to live in places...they just cant afford it...

Like the street I'm talking about...if you go 2 blocks south all of the homes are 1-2 million dollars...if you go 2 blocks north the houses are 6-7 hundred thousand... and these are rentals going for 3-5 thousand a month...like how can an average worker making 50,000 a year afford that?

I agree with what you said in that other thread, about moving somewhere else if you can't afford it...but dam...$50,000 a year jobs are plentiful throughout this country.. you know what I'm saying....
I pay 1k a month for my apartment 3-4 miles from Manhattan but they still built some 2k a month apartments at the bottom of my block I can see the writing on the wall for the future and im prepared

but I don't see homeless people in my neighborhood the police don't allow encampments here
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 3 weeks ago '13        #10
rifair 
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Bottom line politicians don't give a fu*k about any of us thats why because if they did they'd let people move in no problem

 3 weeks ago '18        #11
set117  topics gone triple plat - Number 1 spot x1
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 Tic Toc said
This is why I never believed it when they said there was a housing shortage...

There are always apartment openings all over the city...the problem is, they cost way more than they're worth, and most people just dont make that kind of money...

Down the street from my place, there's literally a newly built complex with like 50 units, about 10 are taken and across the street there's a park with literally 20-30 tents with people living in them....crazy
Capitalism at its finest
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 3 weeks ago '04        #12
Tastemaker331  topics gone triple plat - Number 1 spot x3
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The city would rather house people who can pay taxes and contribute to the economy
Most homeless are jobless and unemployable
 Sin said
the developers mis read the market or they're early and waiting for the market to come up

but prices are rising every year so why drop them
Theyíre waiting. Itís only a matter of time before the place fills up
As much poverty as there is out there, peeps are becoming millionaires everyday
LA is prime real estate because many peeps want to move there
If a newly rich American doesnít come, a rich foreigner will eventually move in
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 3 weeks ago '18        #13
BrooklynDamien  topics gone triple plat - Number 1 spot x1
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There's plenty of space for the unemployable homeless to love how they'd like and employable ones to have a roof over there heads, grow food for themselves and everything. The people that have resources to help just have to give a fu*k

 3 weeks ago '15        #14
Mexicanelvis 
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Who owns these vacant properties? They wouldn’t happen to be foreign investors huh
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 3 weeks ago '14        #15
strungout  topics gone triple plat - Number 1 spot x3
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i said before wealthy neighborhoods and apartments would rather have their

their homes sit empty , then have homeless people move into them.....

i mean i can sort of see both sides of the coin , like imagine if you just took out a 30 year mortgage and the government filled my building with homeless people

I get that they need help , and vacant homes should still be taxed .....absolutely...
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 3 weeks ago '07        #16
sleep23rd 
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fu*king greed everywhere......

watch in the future 50% of the population gonna be homeless while they got 70% availability housing but no one will be able to afford it...

I hope 25% of ppl start to squat....
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 3 weeks ago '05        #17
dasill 
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 rifair said
Bottom line politicians don't give a fu*k about any of us thats why because if they did they'd let people move in no problem
Politicans would let people move into other peoples homes? Am I understanding you right ?
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 3 weeks ago '04        #18
Tic Toc 
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 Sin said
I pay 1k a month for my apartment 3-4 miles from Manhattan but they still built some 2k a month apartments at the bottom of my block I can see the writing on the wall for the future and im prepared

but I don't see homeless people in my neighborhood the police don't allow encampments here
But 1k a month is completely different from paying 3-5k...

plus to get into one of those you have to make 3 times the monthly amount, or they wont even rent to you... Think about that...everybody isn't making 100K a year bro

 strungout said
i said before wealthy neighborhoods and apartments would rather have their

their homes sit empty , then have homeless people move into them.....

i mean i can sort of see both sides of the coin , like imagine if you just took out a 30 year mortgage and the government filled my building with homeless people

I get that they need help , and vacant homes should still be taxed .....absolutely...
What if there was some sort of subsidy for them..like you get a lil bit of cash and your property tax is forfeited...you know, something like that...would that effect your stance at all?


Last edited by Tic Toc; 11-21-2019 at 01:59 PM..
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 3 weeks ago '15        #19
PolygonMafia 
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Same story everywhere in this country. There are over 100k homeless kids in NYC and over 250k empty apartments in the city.

The powerful caste of this country hate the poor almost as much as they hate minorities. Exploitation for the benefit of the few.

Gonna be some people in here eating boot polish to defend this system, always is. Rats love their cage if it's all the know or can perceive.
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 3 weeks ago '11        #20
Sin  topics gone triple plat - Number 1 spot x5 OP
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 Tastemaker331 said
The city would rather house people who can pay taxes and contribute to the economy
Most homeless are jobless and unemployable


Theyíre waiting. Itís only a matter of time before the place fills up
As much poverty as there is out there, peeps are becoming millionaires everyday
LA is prime real estate because many peeps want to move there
If a newly rich American doesnít come, a rich foreigner will eventually move in
exactly nobody giving away profitable real estate to people who can't support themselves

 3 weeks ago '06        #21
king kum 
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To solve this problem. Leave the dope alone
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 3 weeks ago '18        #22
Jwardisback3rd 
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thought it was more around 70k homeless in LA
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 3 weeks ago '17        #23
DrOTGenesis 
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 Tic Toc said
This is why I never believed it when they said there was a housing shortage...

There are always apartment openings all over the city...the problem is, they cost way more than they're worth, and most people just dont make that kind of money...

Down the street from my place, there's literally a newly built complex with like 50 units, about 10 are taken and across the street there's a park with literally 20-30 tents with people living in them....crazy
Yeah bro thatís one part of the capitalist society we live in that bites the less the fortunate in the a*s.
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 3 weeks ago '16        #24
bornleader 
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i have two separate spots in LA..One is downtown..Another is on Melrose..Both really nice spots..Both areas I step over bums and human sh*t every morning..This is not a game..If you dudes really knew how bad LA is with the homeless crisis you wouldnt laugh..Its literally almost third world conditions.
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 3 weeks ago '07        #25
MELODY 
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 bornleader said
i have two separate spots in LA..One is downtown..Another is on Melrose..Both really nice spots..Both areas I step over bums and human sh*t every morning..This is not a game..If you dudes really knew how bad LA is with the homeless crisis you wouldnt laugh..Its literally almost third world conditions.
Terrible leadership.
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