UCLA Study Confirms that LA Rentals are Least Affordable in US , By Ben Bergman, Aug. 13, 2014:
“According to the Los Angeles Department of City Planning Housing Needs Assessment, the city needs to produce roughly 5,300 units per year that are affordable to moderate-income households or below (Los Angeles Department of City Planning, 2013). Los Angeles has instead averaged roughly 1,100 units per year since 2006. Since 2000, 143,000 rental units that had been affordable to those making less than $44,000 a year became unaffordable.”
Go to http://www.scpr.org/blogs/economy/2014/08/13/17145/the-average-los-angeles-renter-spend-almost-half-h/ for full story
We offer the following comment that we came across in reading this story:
The twist with this new study from UCLA is that it highlights the fact that affordability is not a new post-recession problem, but one that has been getting worse for decades. Justin Sullivan/Getty Images
In other words the cause of LA’s housing misadventures is government policies.