Oct 12, 2015
The median rent for a one bedroom in Los Angeles in August was $1,830 and a two bedroom was $2,640. Workers have to fork out 50% of their paychecks just to pay the rent.
Economists recommend that no more than a third of a person’s income go toward housing cost. Beyond that, cutting corners is what’s left. But sometimes, there aren’t even any corners left to cut.
Downtown Los Angeles is going through a construction boom, with no less than 13 massive construction sites and 19 huge cranes. On top of that, there are two mixed-use developments near Staples Center that will create an additional five high-rise buildings.
But they are all luxury buildings for the work and play, use and enjoyment of the very rich.
This is what the capitalists call a “recovery!”