There's plenty of housing available in Downtown L.A. for the wealthy but, while those apartments sit empty, many looking for housing find costs too high to pay.
High vacancy rates in Downtown L.A.'s residential units have lead landlords to offer parking deals and months of free rent. "Thanks to a wave of market-rate rental construction, supply has outpaced demand downtown since 2014. The vacancy rate now hovers around 12 percent — the highest recorded by real estate research firm CoStar Group since 2000," Josie Huang reports for KPCC.
At the same time, the city is home to a worsening homeless crisis.
"Because zoning updates have made it easier to build taller and denser, and there is not the same level of neighborhood opposition seen in other parts of L.A. High-rises are going onto surface parking lots," Huang writes. Some hope that these vacancies will lead to lower rents, but so far there is little evidence of that effect, perhaps, because of the type of housing. "All the market-rate apartments sitting unoccupied in the interim, however, irritate housing advocates such as Thelmy Perez, given California's shortage of affordably-priced homes," Huang reports.
FULL STORY: As DTLA vacancies rise, landlords increase breaks on rent, parking
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The shortage of housing at all price points in the region is the main driver of high costs and the growing homelessness crisis.
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Planning for Accessibility: Proximity is More Important than Mobility
Accessibility-based planning minimizes the distance that people must travel to reach desired services and activities. Measured this way, increased density can provide more total benefits than increased speeds.
World's Largest Wildlife Overpass In the Works in Los Angeles County
Caltrans will soon close half of the 101 Freeway in order to continue construction of the Wallis Annenberg Wildlife Crossing near Agoura Hills in Los Angeles County.
Eviction Looms for Low-Income Tenants as Rent Debt Rises
Nonprofit housing operators across the country face almost $10 billion in rent debt.
Brightline West Breaks Ground
The high-speed rail line will link Las Vegas and the Los Angeles area.
Colorado Bans No-Fault Evictions
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HUD's Office of Policy Development and Research
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HUD's Office of Policy Development and Research
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