QUOTE(Msgr. Radixius @ Jan 14 2025, 12:16)
Dollars to donuts it's a land-grab.
Yeah its quite possible. The only thing I could find was a recent plan to redevelop large parts of LA with higher density and drop the rent stabilized % from 50% in some areas down to 11%. Replacing those with income restricted housing based on median area income, which raises the rent caps substantially in most of LA.
Their plan was to build 255k to 500k new higher density apartments in LA.
I guess they will be able to build back better now....
Loads of insurance companies in LA cancelled their fire coverage last year as well.
[
www.latimes.com]
https://www.latimes.com/california/story/20...oals-demolition[
www.latimes.com]
https://www.latimes.com/business/story/2025...ons-are-dubiousThe fires also took out loads of buildings with historic preservation ordinances which were preventing redevelopment.
There were multiple plans to knock down rent controlled public housing and replace it with higher density with a lower percentage of income restricted housing. Its like people are clueless, they cheer for their own demise because they can not do maths.
If 500 rent controlled properties are replaced with 2000 properties with 500 that are income restricted under this scheme then median income will sky rocket in the area pushing the rent floor way up. The existing data has shown that the scheme allows the rent to increase 10% per year.