A Boring Dystopia

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Investors are buying close to half the empty lots in LA burn zones, report says (laist.com)

submitted 1 week ago by technocrit@lemmy.dbzer0.com to c/aboringdystopia@lemmy.world

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Shortly after the Eaton Fire destroyed thousands of homes in and around Altadena, signs sprung up across the community announcing “Altadena is not for sale.”

Now, nearly one year later, hundreds of Altadena families have concluded that rebuilding isn’t in their budget. In nearly half of recent deals for empty lots, homeowners are selling to investors.

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[–] Lucidlethargy@sh.itjust.works 10 points 1 week ago (1 children)

Everyone under the age of 40 has mostly given up on buying a home.

The only exceptions I can think of are couples with dual high paying jobs, or trust fund kids.

[–] Devmapall@lemmy.zip 3 points 1 week ago* (last edited 1 week ago)

I have a friend who bought a home. Pretty envious of it. It's not super nice (but it is a Luxor) or in a great location. But it's also not run down or in a bad location. Right next to a busy road but is close to shops and restaurants.

He's 36. I personally don't think I'll ever own property. Not sure what we'll do with my parents house but that will be interesting when the time comes.

Edit: my friend isn't well off. He just saved money enough for a down payment and bought it during COVID.