The Great Los Angeles Vacancy Caper: More Empty Homes Than Oscars Red Carpet Hopefuls?
Ah, Los Angeles. The City of Angels, where dreams are made of, and apparently, a whole lot of vacant homes are too. You'd think in a place with sky-high rent and a constant battle over parking spots, every square foot would be spoken for. But nope, there seems to be a curious abundance of real estate gathering dust bunnies instead of excited newbies or seasoned Angelenos.
So, how many empty homes are we talking about? Buckle up, because this might get wilder than a Beverly Hills housewife's credit card bill.
The American Community Survey, like the slightly cooler, less formal cousin of the national census, estimates there are around 93,535 vacant housing units chilling in LA. That's a lot of empty swimming pools and lonely dishwashers.
But hold on to your pool floats, because here's the twist: not all vacancies are created equal. Some are simply in between tenants, taking a well-deserved breather from the constant stream of hopeful renters. Others are vacation homes, waiting patiently for their owners to jet in and experience the thrill of, well, paying property taxes on an infrequently used casita.
But then there are the real estate renegades: the speculative landlords.
These folks buy up properties like they're on a limited-edition avocado toast run, not to live in or rent out at reasonable rates, but to wait for housing prices to rise faster than your sourdough starter on a hot day. The result? Thousands of units sit on the sidelines, unavailable to those who actually need a place to lay their head (and maybe their sourdough starter).
Now, before we grab our pitchforks and shout "Let them live in the fancy high-rises!" at these empty abodes, there's a crucial point to consider.
The number of vacant homes isn't a direct solution to LA's homelessness crisis. There are complex issues at play, and many homeless people wouldn't be able to afford some of these luxury high-rises gathering tumbleweeds.
However, it does highlight a wider issue: a housing market where speculation can trump the basic need for shelter.
So, what's the takeaway from this wild ride through vacant L.A. real estate? Well, it's enough to make you wonder if maybe we should turn some of these empty homes into museums dedicated to the elusive art of finding affordable rent in the City of Angels.
