la weekly has a long article about ed reyes, los angeles council member, whose pet issue is affordable housing. (he had to take back what he said about fellow council member tom labonge.) i will fully admit that it’s not an issue that i’m intimate with, but seeing it phrased in terms like “developers must devote 12 percent to 15 percent of the project to affordable housing” make me think it is destined to fail. it does seem like a good way to encourage development outside of the city.

and on that note, the los angeles times recently had a story about los angeles residents buying out-of-state properties for rental, as a way of building up equity for purchasing a home in southern california. it makes a certain amount of sense, but of course you’re betting that your returns on the rental real estate will be better than what you could do with other investments. and as the article points out, you’re taking on the headache of out-of-state tenants.

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