An ordinance passed in 2005 allowed for the development of sleek, boxy, small-lot homes in Los Angeles. KCET writer Chase Scheinbaum looks at whether these homes are destroying low-rent housing, restoring the American Dream, or both.
The ordinance reduced minimum lot sizes from 5,000 to 600 square feet. “Some academics say the ordinance could help lower L.A.'s exorbitant home prices and help accommodate a growing population,” Scheinbaum writes.
However, many low-income residents who are renting in areas where landlords are selling their properties to such developments see this situation as unfair.
"Everywhere you go, you see these big ugly apartments and they're super expensive," Silver Lake resident Raquel Arias tells KCET. "Where before there used to be nice little stores, now there are only luxury apartment complexes. It's losing its beauty."
Advertisement
Related Stories
Economics
Shelter Costs Drive Inflation Higher Than Expected in January
January Consumer Price Index data show inflation increased more than anticipated as shelter costs continue to rise despite Federal Reserve policy tightening
Economics
Weighing the Effects of the Fed's and Treasury's Latest Announcements
The upshot of the Jan. 31 announcements is that while mortgage rates will stay higher for longer, they're likely to hold steady
Economics
NAHB CEO Tobin Says 'Housing Renaissance' on the Horizon
Responding to positive housing-related data such as falling mortgage rates and increased homebuyer activity, NAHB's CEO Jim Tobin is optimistic
