As long as the currency printing presses continue to roll those on fixed incomes will be screwed. But, what the hell? We got credit expansion and govt spending prosperity! Who cares about these people? They need to get out of the way and make way for the new paradigm! /sarc
“I worked since I was 14 years old, and this is all I have,” she said, tears vying with anger in her eyes.”
70 years of work and she has a mobile home on a rented space and no kids to support her?
“Tears vying with anger” at who???
There is much more to that story.
Los Angeles rents are very high. Those who live on low income or fixed incomes are being driven from the city. Many seniors move out to outer areas in the state or out of state entirely. It is simple math. More people are living on a fixed amount of land.
Los Angeles rent control is not that onerous when compared to some other rent control laws. Landlords can raise rents 4% a year, and they can also charge tenants for any improvements done to the property. Once a tenant leaves, they can push the rent to fair market. It also only applies to properties built prior to 1977.
A landlord who bought after 1977 knew what he was getting himself into, so the landlord who blamed his bankruptcy on rent control is either full of it, or he needs to do his homework before buying properties.
Perhaps if liberals would stop making development of land off-limits, property wouldn't be so ridiculously expensive out there.
how many elections in CA this year?
"I worked since I was 14 years old, and this is all I have," she said, tears vying with anger in her eyes. "I had to sell. And this was supposed to be my golden years."
Oh, cry me a river.
I worked in CA since 1967 -- 41 years. I worked at good jobs and invented products that produced hundreds of manufacturing jobs, all of which stayed right in CA. My wife was born in CA and has worked all her life in CA.
When it came time to retire, we looked around carefully. As much as we loved the CA climate, it was just plain not affordable for for us to stay.
We made the best of it, and moved to Oregon, where costs are a lot lower.
Yes, we deliberately gave up the climate in order to live where we could afford to stay -- indefinitely.
There is no "right" to live in Southern California, and this lady should have been looking ahead years ago.
The problem for this poor woman is the rent control portion of the park. The owner has to raise rents on the new tenants or in the portions not rent controlled to keep up on the property.