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Barely 1 in 5 L.A. County homes affordable to middle class, SGV one of the least affordable areas

West San Gabriel Valley news from Alhambra, San Gabriel, San Marino, Rosemead, Monterey Park, South Pasadena, and Pasadena:

  • Barely 1 in 5 L.A. County homes affordable to middle class, SGV one of the least affordable areas  (Los Angeles Times)

Independent journalism is a bedrock of democracy--and it's in crisis. Here at the Alhambra Source, we're committed to covering the local stories that matter most to you. We don’t have advertisers and we don’t have pay walls, but we do have bills. You read to the end of this story. That's great. But this kind of journalism will end without public support. Join us! Support the work and the democratic values it serves. Donate now!

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2 thoughts on “Barely 1 in 5 L.A. County homes affordable to middle class, SGV one of the least affordable areas”

  1. Agreed Joesph. Housing prices, for rentals and purchase, are not sustainable at their current levels and are back at bubble levels. It ends up driving people and companies (like Toyota) away to more affordable places.

    In the SGV, it seems Chinese money is also helping to inflate the bubble as people in China look for “safe” places to park their money outside the country. US real estate happens to be a favorite location. There are a lot of stories about this fascination, the current Chinese credit bubble (makes our credit bubble pale in comparison), and of corruption.

    Bloomberg: Why Are Chinese Millionaires Buying Mansions in an L.A. Suburb?
    Irish Times: Chinese investor to pay $1.95bn for New York’s Waldorf Astoria
    Corruption:
    Bloomberg: China Tries to Track the Corrupt Officials Fleeing Abroad
    South China Morning Post: How do rich Chinese elude foreign exchange laws to move their money abroad? Take your pick of ways
    SCMP: Like Bank of China, Citic Bank also offers service branded ‘money laundering’ by CCTV
    Trouble in the Chinese economy:
    Telegraph: China blinks as economic downturn deepens
    CNN: Debt-laden ‘zombie’ firms threaten China’s economy
    Michael Pettis: What does a “good” Chinese adjustment look like?

    It also doesn’t help that many of the policies and regulations in SoCal make it less likely housing density will increase to meet the growing population and, when permitted, generally encourages renter-occupied units.

  2. You can thank the Federal Reserve for this problem. They printed trillions of dollars to “save” us after the 2008 financial collapse. They also lowered interest rates to near zero.

    What do you expect to happen? Asset prices for stocks and real estate will become a bubble again.

    The only way to buy a decent home or go to college is to go massively into debt. So, a new credit bubble is in effect.

    All bubbles eventually pop, and this one will as well.

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