Downtown LA's vacancy rate is 12%, which is the highest it's been since 2000 and triple the overall rate for LA -- and downtown LA is also the site of LA's skid row, whose population surged by 20% last year, thanks to a dramatic increase in homelessness among veterans and under-24s.
The median rent for a one-bedroom apartment in DTLA is $2,500.
The justification for markets is efficient allocations of scarce resources. Market failures are always problematic, but when markets fail over foundational services and goods necessary for survival -- food, shelter, water, health care -- they indict themselves as literally unfit for human survival.
KPCC reported that supply has now outpaced demand, with approximately 2,000 of the 21,000-plus market-rate rentals sitting vacant. As a result, landlords have been offering deep discounts and perks for renters willing to sign long-term leases. This includes up to several months of free rent and free parking for a year. Despite these perks, landlords still have had difficulty filling the buildings.
Downtown L.A. Vacancy Rate Highest In 17 Years
(via Late Stage Capitalism)
(Image: demxx, CC-BY)
Smarter people than me have pointed out that "work-life balance" says the quiet part out loud, implicitly confirming that you stop living when you're at work. Miles Matrix's Dungeons and Deadlines makes all this much realer with acerbic wit and rockin' chiptunes. My spouse left me after five turns. (via Four Short Links)
The China Law Blog (previously) is one of my favorite sources of insight into the secret workings of the businesses that produce the majority of the world's daily-use goods.
About five years ago, I was trying to get a bunch of Big Tech companies to take the right side of an urgent online civil rights fight, and I called an old friend who was very senior at one of the biggest tech companies in the world; they told me that it wasn't going to […]
Gather round, young and old — and hear tales of bygone days. Back in olden times, citizens would mass at a house of coffee, wherein skilled java alchemists would concoct special blends and apply artisanal wizardry to make each steaming chalice an appointment for the taste buds. Granted, said wizards, once known as baristas, were […]
The last few weeks have given us all a lot to think about. As we watched stores close, Costco lines snake through parking lots and items like hand sanitizer and toilet paper disappear everywhere like they were Lady Gaga tickets, there’s one significant takeaway it’s safe to say we all can agree on. We should […]
Whether it was Bach or Chopin, Ray Charles or Jerry Lee Lewis, Stevie Wonder, Elton John, Alicia Keys or Norah Jones, there was someone whose mastery on the piano made you think, wow, I wish I knew how to do that. It’s a singular, almost timeless skill — and if you love music, there’s no […]