Today’s LA Times has an interesting feature on the “housing turmoil” (aka the housing bubble) and how the downturn is playing out in the lives of some individuals that make their living in related occupations. In seven short stories they cover some of the ways people are feeling and coping with the pinch. Though the focus is mostly on those involved with the financial side of the issue (one of the commentators shows them no sympathy), they also cover some of the laborers experiencing rough times. A prediction that 200,00 housing related jobs could be lost hints at a very big pop.
Despite the looming housing hangover, the LA City Council just gave real estate developers another shiny gift by changing the zoning laws Downtown to allow for larger and denser developments. Even though politicians have been talking up the potential for new affordable housing, Steve Lopez points out the fact that developers are under no obligation to do so. Best solution for a well planned vision for the city of LA? Cross Your Fingers!
In related news, Downtown developer sued for violating labor laws.