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Saturday, April 21, 2007

 

Housing Pains Worse for Low- and Middle-Incomes

The Los Angeles Times reported this week on the growing concern about the dwindling number of affordable units in LA:
... On Thursday, a coalition of affordable housing advocates released a list of 100 buildings in the [El Sereno neighborhood of Los Angeles] ... that they say are in danger of being replaced by condominiums or new apartments far beyond the reach of low- and middle-income residents.

The tenants coalition is asking Mayor Antonio Villaraigosa to preserve the buildings on the list. It also is asking the City Council to require developers to include affordable housing in all new residential buildings and to pass a moratorium on conversions of apartments and residential hotels to condos.

The coalition plans a march to City Hall on Wednesday to highlight its demands.

Property owners and developers, however, say they have the right to realize a profit from their investments and warn that city restrictions could discourage people from going into the rental business, thus worsening the housing crunch.
— TJ Sullivan in LA
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