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 new report. (LAist/kpcc)
In the 10 downtown buildings, researchers found an average vacancy rate of over 70% in April 2019, using information provided by
. Most of the buildings were ready to be occupied in 2018 or earlier, though two weren't completed until 2019.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.Condos, unlike rented apartments, can be individually bought and sold on the real estate market.
Report authors also found that 46% of the condos they examined were owned by corporations or institutional investors.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.
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