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Those of us who live here know that finding a place to live in LA is a headache of unreasonable proportions. Something is always compromised in the quest for affordable living space, be it adequate plumbing or a patio. Unfortunately, the demands on the housing market are not letting up any time soon. In fact, according to today's LA Times, builders will have obtained permits to build 200,000 new homes by the end of this year—and even that isn't enough!
"'The new-home market continues to excel,' said Alan Nevin, chief economist for the building association.
But in this state, that's not enough. Nevin and other economists figure that 225,000 to 250,000 new homes would have to be built each year to keep up with demand as the population swells.
'With 200,000, it sounds like we're almost there,' he said, 'but we have a huge backlog of unsatisfied demand. We have to continue to put out over 200,000 a year to catch up.'"
LAist hates to be a nag, but where are they going to put all those houses? Sure, there's still space to the far east of the San Gabriel Valley, but there isn't that much space left in LA proper. Short of bulldozing pre-existing homes, there isn't a lot of room for new developments.