Tuesday, May 6, 2008

It's the economy stupid!

Still rather chilly and gray in West Hollywood. It's April and I'm wearing sweaters and tights.

I still have issues with the lofts that they're building on Larchmont and not just because they have closed off one lane on Melrose. Some delusional developers think they can change the rather hometown feeling of Larchmont and make it more chic-chic West Hollywood! Bad idea! Hey, haven't you heard, we're in a recession? Homes through out Los Angeles are in foreclosure! You think people are going to be willing to put down eight hundred thousand for your tiny, rat hole, one room, loft apartment?

I think they believe they can attract the young people who work at Paramount Studios that is just up the block of Melrose. But haven't they heard; that the studio have let people go since the writer's strike?

What's a scream is when you pull their web page they show a business that was force to close because they couldn't afford the new rent that was put up high due to the new development of these lofts.

The talk is that this area is going to have more chic shops and become a very up scale area but all I see that the shops and restaurants I love are closing and leaving because they can't afford the new rent. This is improvement? And I see no one buying or living in the lofts that they have finished and built! Why can't people leave things alone!
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8 comments:

Hammer said...

This might be part of a big banking/real estate scam where the the developers pocket a bunch of cash let everything go belly up and make the taxpayers foot the bill.

They did this several times in Texas in the 80s during the recession

Aggie said...

It's been going on over here for the last few years and now there is a glut of cheap/nasty apartments in the heart of the City. Totally ruins the atmosphere in the name of the almighty dollar. I hope the recession (as such) stops them in their tracks.

Sacred Suzie said...

I think the economy is in denial that it's truly in a recession. A year ago this would be completely normal so what can they do? They keep building and hope for the best. It sucks that it affects the local stores and shops. I hate big store conglomerates and I'm surrounded by them.

In Vancouver (Hollywood North) this trend continues and somehow it still survives. I don't know where those rich people come from, they are obviously not Canadian or if they are, they are drug dealers using the apartments for grow ops. It's one thing I do not miss about BC!

EmilyLady said...

I get scared reading about the economy. My generation is probably not going to be too well off.

~Emily

cherry girl said...

This is going on in Birmingham City Centre too, building tiny appartments to rent and sell at huge rates trying to attract people to inner city living. I can't see them filling all those places. There are pockets of shopping areas that are new and thriving but at the cost of smaller branches of the same companies closing and more cheaper short term lease shops opening in there place. It's not an improvement that's for sure. Pulling down buildings with character to put up modern (read ugly)architecture buildings.

Amanda said...

This all reminds me of the movie "You've Got Mail" when the big bad FOX books moved in around the corner from the Little Bookstore Meg Ryan owned and had to eventually close. :( So sad. There was this wonderful bookstore in St. Paul MN on Grand Ave. called "Bound to Be Read". First off, I loved the name and secondly it had to close its doors last year because of barnes and noble. BOOOOO.

Amanda said...

This all reminds me of the movie "You've Got Mail" when the big bad FOX books moved in around the corner from the Little Bookstore Meg Ryan owned and had to eventually close. :( So sad. There was this wonderful bookstore in St. Paul MN on Grand Ave. called "Bound to Be Read". First off, I loved the name and secondly it had to close its doors last year because of barnes and noble. BOOOOO.

Z said...

That's depressing. I suppose, for one thing, the planning and building take a long time, so that it was proposed before the downturn started. Same in this country - London prices are still holding up but they are slipping over the rest of the country.

However, England is bathed in sunshine. This may be all we get of summer, who knows? So we are appreciating the lovely weather.