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While the housing crisis is a national issue, how the problem is dealt with sometimes comes down to local response. Yesterday, Mayor Antonio Villaraigosa took part in the Los Angeles Business Council's Mayoral Housing Summit, and spoke to those gathered regarding his thoughts on the issue. The event's focus this year was on a regional emphasis for addressing the housing crisis and on the issue of "housing affordability and availability" and aimed at "attract[ing] the county’s major employers, mayors and elected officials as well as business leaders from across all 88 L.A. county cities."
According to a video report on MyFox Los Angeles, Villaraigosa's focus in his keynote address was on the disappearance of a true "middle class" in Los Angeles and its societal consequences, noting that "when you lose your middle class you lose your center of gravity." He pointed out that "only 11% of LA County households can afford a median-priced home" which is partly why he is now working on a "Housing Rescue Plan" to help Angelenos get back up on their feet.
It is not clear at this time what the plan involves, nor how it relates to the federal government's "housing rescue bill." CNN.com's Money section explains how this bill can benefit American homeowners affected by the housing crisis.
Photo by TheTruthAboutMortgage.com via Flickr
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LA is in trouble with foreclosures and such. But not as bad as Orange County or the IE. We'll get there.
LA needs a plan now. Because in LA, a foreclosed house is more likely to become a nuisance. (Crack house, etc.)
Some alarming stats on the housing market in Southern California: http://www.socalforeclosurehelp.com
Hopefully Mayor V won't screw this plan up.
Here's an idea for the Mayor: Let the market figure it out.
WIth all the various foreclosures going on, prices are coming down. We have more houses than we have people who want to buy them at the moment. That leads to--you guessed it--prices coming down and houses becoming more affordable for the middle class.
The people hurt by these foreclosures aren't you and me--hell, we're getting the benefits! The people who are hurt by foreclosures are banks, builders, and real-estate agents.
The way to help the middle-class is to stay the hell out of it and let the median price of a home fall to something that LA's middle class will be able to afford, rather than propping up housing prices and then providing tax dollars so people can afford a house.
And the people who are foreclosed upon? They'll be back in the market in ten years or so and they'll be much smarter about what they can and can't afford.