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NEED MORE THAN SUBURBS Anybody who pays attention to the news knows that there’s a heated, ongoing debate in LA, and across California, about how to solve our housing problems. There are lots of different proposals floating around, but the message we hear most often from elected officials and the development community is that we have to up-zone to allow a whole lot more density. The argument goes that it’s just a matter of supply and demand. If we up-zone our cities and up-zone our suburbs, that will unleash the power of the free market and we’ll have plenty of cheap housing for everybody. ....
PLANNING WATCH-The Los Angeles Times has changed ownership several times in recent decades, but its support for speculative real estate bubbles has never wavered. This was on full display in its recent editorial, “L.A. can begin to solve its affordable housing crisis in 2021.” The article’s essence was that the update of LA’s Housing Element – a section of LA’s rickety General Plan should be used to increase the market value of private parcels through widespread up-zoning. In short, if real estate developers could build larger, taller, denser buildings on in-fill sites, the market values of these parcels will soar. Property owners can then either flip their property to pocket this windfall, or they can invest in expensive apartment buildings for long-term profits. Either way the LAT’s zoning deregulation proposal enriches them. ....
Big Bamboozle #2 – How LA Hopes to Extend a Real Estate Boom and Hold off its Eventual Bust Details big bamboozle, a cavalier exercise to reverse engineer zone changes that further enrich real estate speculators already profiting from a housing boom. It only took a week for hard evidence to appear that confirms this analysis. It is tucked away in the Notice of Preparation (NOP) and supportive Initial Study for the Housing Element’s Environmental Impact Review (EIR). While few people have the time to examine these documents, they reveal that that City Hall’s commitment to ending homelessness is only a convenient cover story. They buttress City Hall’s conviction that Los Angeles can grow its way out of overlapping crises by feeding the real estate sector’s appetite (for higher profits). ....
on 18 advanced economies shows that major tax cuts for the rich over the past 50 years have pushed up inequality, but have had no significant effects on economic growth or unemployment.” Applied to the urban housing crisis, their findings explain why up-zoning ordinances do not increase the supply of low-priced housing or reduce residential segregation. These frequent justifications for up-zoning are not, however, accidental mistakes; they are deliberate subterfuges. Their purpose is to persuade well-meaning but naïve Angelenos to support real estate speculation as a cure to homelessness and residential racism, the exact opposite of its real-world outcomes. Furthermore, we now know the long-term consequences of Reaganomics. Based on a review of multiple studies on economic inequality, Charles Hugh Smith reports that Reaganomics has resulted in extensive gaps in income and wealth. He wrote, “ ....