Los Angeles could lose thousands of affordable apartments in the next five years as contracts requiring landlords to rent to low-income tenants expire on over 14,000 units.
While the real estate market boomed, landlords rushed to increase profits by turning low-income housing into luxury condos. In this process, 12,000 rent-stabilized apartments were lost and low-income tenants were forced to pay market prices averaging $1,580 a month.
Larry Gross, executive director of the Coalition for Economic Survival, said: “A lot of these buildings are in gentrifying communities. They are important in that they provide affordable housing and they keep these communities diverse. Otherwise, we’re looking at neighborhoods only for the rich and wealthy.” (LA Daily News, Aug. 18)
Gentrification is not unique to Los Angeles; it is a national crisis. The National Housing Trust’s preservation initiative estimates that over 900,000 affordable housing units could be lost nationwide over the next five years.
