All because of stupid regulations. CA state had forced apartments to adopt environment standards. All modification had increased price.
It’s not the only reason. Houses are selling like hotcakes. I sold mine a few months ago in Julyfor a nice profit after owning it for 5 years. It went the first day.
I bought my house I’m in now when a GF told me there was a house that was going on the market in a couple of weeks time. No sign, unfinished. I bought it the next day, made the offer 3 hours after walking through it.
Rentals are had to find and they are expensive, very expensive. If you can rustle up a down payment for a purchase it is more economical. The alternative is to move further and further away from the city center ... Pasadena and further out.
Now, LA is like a boom town ....buildings going up like crazy ... lots of apartments. and lots of businesses.
It is not all stupid regulations. There is only so much vacant buildable land available in a city and it is expensive. Supply and demand.