Don’t lose control of your car when you see the Coalition to Preserve L.A.’s newest billboard on Sunset Boulevard, just a few blocks east of Highland. We don’t want anyone getting hurt laughing too hard!
So we’re taking this moment to correct a huge misconception: Housing for the rich does NOT trickle down to the poor.
Take a gorgeous luxury building in West Los Angeles or Sherman Oaks — or, better yet, Downtown Los Angeles. How long before that pretty thing for the 1 percenters or 3 percenters becomes “affordable” to the actual working woman or man?
About 25 years, in fact. That’s according to a report by the California Legislative Analyst’s Office — look at page 7. At that point, after a GENERATION, it becomes affordable not for the poor, but to median-income households. Because it gets old and kind of tattered.
So when Los Angeles politicians or special interest groups, or even their woefully misinformed apologists, tell you that “housing for the rich helps provide housing to the poor” just Laugh Out Loud.