A Boring Dystopia

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Los Angeles renters now need $117K a year to live comfortably, study says (www.ktla.com)

submitted 6 months ago by return2ozma to c/aboringdystopia

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[–] [email protected] 29 points 6 months ago (1 children)

renters

$117k

This is the stupidest timeline.

[–] Batman 1 points 6 months ago* (last edited 6 months ago)

They must be talking about downtown.

[–] Son_of_dad 20 points 6 months ago (1 children)

Just rack up that debt. Not gonna pay it anyways. Fucks up my credit? What do I need that for? I'm never gonna own anything in this world.

[–] motor_spirit 7 points 6 months ago

republicans who love "loopholes" are gonna lock up when they see this one

[–] [email protected] 18 points 6 months ago

People just need to redefine comfortable. Maybe a slightly firmer surface like the ground could be "comfortable" and really with clogs and plumbers not having indoor plumbing could be "comfortable". Follow me for more delusional tips.

[–] [email protected] 11 points 6 months ago (2 children)

Is there a big nimby resistance to residential towers?

[–] [email protected] 9 points 6 months ago* (last edited 6 months ago) (2 children)

Those towers have a higher rent due to amenities and location. Converting SFH to multi-unit condos/apartment buildings are a better way to increase the housing supply for less.

[–] [email protected] 2 points 6 months ago

I think you can have towers in residential areas too.

[–] [email protected] 1 points 6 months ago

I think you spelt "REIT dividends" wrong.

[–] iamdisillusioned 2 points 6 months ago

I'd guess that regulations for earthquake safety make tall buildings very expensive to build. The only way it makes financial sense to build them is to put them in the most expensive areas and load the units with luxury finishes to increase profit. It's far more common to see 5 over 1s, and yes there is a lot of resistance to even those.

[–] RustyEarthfire 7 points 6 months ago* (last edited 6 months ago)

The report describes living comfortably as spending no more than 30% of one’s income on rent.

This is abusing a crude, outdated rule of thumb that never worked in HCOL areas [1]. Put simply, if your rent goes up by $10K annually and all other costs remain the same, you only need $10K more per year to be just as "comfortable", not $33.33K.

Granted, $35.1K is a lot (that would be 100% of minimum wage in Los Angeles). The median rent for a **1BR ** is $2.2K [2], so 26K per year (i.e. still too much).

In short, minimum wage isn't enough to afford rent in L.A., but you certainly don't need to be making $100K.