Economy The collapse of downtown Los Angeles

[Scheme]

Meh. I work in downtown LA. Videos like this always go by skid row and the surrounding areas and try to paint it as all of downtown. Only works on partisans.

Just a quick search will show that the guy posts plenty of videos of mass retail closures in LA and the Bay Area in general, not exclusive at all to Skid Row. That combined with the fact that California has lost people every year for the past 4 years (it had never lost population year over year in it's entire history) and the fact that the budget office is projecting higher shortfalls than they expected (https://lao.ca.gov/Publications/Report/4850) does not paint a good picture for California. Add on top of that the fact that homelessness is constantly growing.

 

[fedorthegoat777]

Go Gavin!

 

[Osculater]

While you were sitting home watching your TV..
I was participating in some anarchy.

And loaded up on Hennessey

 

[Possum Jenkins]

One single Hampton Inn in Stamford CT I used to stay at is filled with African migrants. Manager told me they get 25k a week.

That's nothing.

Over here they're getting $250k a day. $500k if you have criminal record.

 

[ermac88]

Just a quick search will show that the guy posts plenty of videos of mass retail closures in LA and the Bay Area in general, not exclusive at all to Skid Row. That combined with the fact that California has lost people every year for the past 4 years (it had never lost population year over year in it's entire history) and the fact that the budget office is projecting higher shortfalls than they expected (https://lao.ca.gov/Publications/Report/4850) does not paint a good picture for California. Add on top of that the fact that homelessness is constantly growing.

California has the one of the largest economies in the planet and a global epicentre.

There is a reason every week there a post here about California on here and not Kentucky, Louisianna, Oklahoma, Ohiom New Mexico, Mississippi and all the other irrelevant states between CA and NY

 

[Bacco]

Here is a video showing what downtown Los Angeles looks like now.

"A severe business exodus from downtown Los Angeles is accelerating day by day........but after 2020 the area began to experience an economic and social decline to the point of complete collapse."

Is this what a healthy economy is supposed to look like?

 

[NickNick]

The same group of people that say shit like this are also in the group that bitches when Biden forgives student loans. "WHY SHOULD A PLUMBER PAY FOR YOUR LOANS?!?!?!?!?!" Lets not act like this group of people would be all for using tax money to help homless/poor people.

 

[squeezewax]

Democrats want the entire country to look like this.

No, it's all politicians, and the people above them who are doing this to The West! Stop believing in political parties, they are the same.

 

[Cartiac]

April 26th, 1992 there was a riot on the streets tell me where were you?

I was sittin home watchin my TV.

 

[ShadowRun]

What a beautiful place

 

[Eric Silva 2.0]

He's walking through Skid Row and essentially the Flower and Fashion district. Both have looked like this in recent decades, those parts of town clear out by 5 or 6 every day and it's a commercial area with very few restaurants. (I'm sure you can figure out why the Flower District isn't bustling during day time).

This isn't to say there isn't problems or a need to revitalize the area. But Covid and the past few years weren't the cause. This area has never bene a retail-heavy part of LA.

Here is a guy talking about Beverly Hills. There seems to be a lot of retail space available here as well.

 

[Scheme]

No, it's all politicians, and the people above them who are doing this to The West! Stop believing in political parties, they are the same.

Gavin Newsome literally admitted that he lets it go on when he cleaned up the San Francisco streets for Xi's visit.

 

[Lucas1980]

California has the one of the largest economies in the planet and a global epicentre.

There is a reason every week there a post here about California on here and not Kentucky, Louisianna, Oklahoma, Ohiom New Mexico, Mississippi and all the other irrelevant states between CA and NY

I'd much rather live in anyone of those "Irrelevant" States then California and of course Cali has one of the largest economies its got some of the best farm land and strategic West Coast location for industry and robust Tourism...Location..Location..Location....it has nothing to do with its awful policies and its horrible limp politicians.

 

[Lucas1980]

The same group of people that say shit like this are also in the group that bitches when Biden forgives student loans. "WHY SHOULD A PLUMBER PAY FOR YOUR LOANS?!?!?!?!?!" Lets not act like this group of people would be all for using tax money to help homless/poor people.

No tax payer should have to pay for any loans an individual chose to agree on..thats true. But if anyone should benefit from American tax dollars I would much rather see it allocated to our own citizens before any illegals or especially Ukraine.

 

[Lucas1980]

circling the drain

That can't be a true...what a Shit Hole.

 

[avenue94]

Here is a guy talking about Beverly Hills. There seems to be a lot of retail space available here as well.

It's pretty healthy retail wise, with the usual turn over due to rental costs. To put it crudely that area has always struggled between ultra luxury businesses that come and go all the time and "small businesses" where it's someone's wife or kid or relative losing 20K a month on an unsustainable business with family money. It's more vulnerable to economic downturns than a normal city just because it's consumption based.

 

[avenue94]

5 Points was at that Great American Park off the 5 Fwy. Never been but I guess it's closed now. I got towed for parking in the AutoZone next to Alex's the one and only time I went there.

Damn, that's a bummer, didn't realize it closed so recently.

 

[avenue94]

Go Gavin!

What does Gavin have to do with Skid Row or homelessness in LA?

 

[Eric Silva 2.0]

It's pretty healthy retail wise, with the usual turn over due to rental costs. To put it crudely that area has always struggled between ultra luxury businesses that come and go all the time and "small businesses" where it's someone's wife or kid or relative losing 20K a month on an unsustainable business with family money. It's more vulnerable to economic downturns than a normal city just because it's consumption based.

Here is an article talking about NYC. Retail vacancies are almost double what they were in 2019. I think the problem is bigger than just LA. Commercial/office real estate is much worse. Unfortunately, I see this getting worse, not better. There are rumblings that banks have a lot of real estate loans on their books that are worth approximately 10-60 cents on the dollar.

Number of vacant NYC storefronts has nearly doubled since the pandemic: ‘Creating havoc’

Only 6% of Big Apple storefronts sat empty in 2019, compared to nearly 11.2% this year, statistics from the city Department of Finance show.

nypost.com

 

[avenue94]

Here is an article talking about NYC. Retail vacancies are almost double what they were in 2019. I think the problem is bigger than just LA. Commercial/office real estate is much worse. Unfortunately, I see this getting worse, not better. There is rumblings that banks have a lot of real estate loans on their books that are worth approximately 10-60 cents on the dollar.

Number of vacant NYC storefronts has nearly doubled since the pandemic: ‘Creating havoc’

Only 6% of Big Apple storefronts sat empty in 2019, compared to nearly 11.2% this year, statistics from the city Department of Finance show.

nypost.com

There's certainly a bubble of sorts post-Covid given that retail and offices have been slow to adapt to new preferences.