Divide Between Home Owners and Renters is Growing

Guzman has watched over the last year as the East Hollywood apartment building where she and her mother have lived for 22 years has emptied out. New owners are planning a major overhaul, she said, and offering longtime tenants – many in rent-stabilized units – cash to leave. All but four apartments are now vacant, and Guzman said she thought hard about taking the $30,000 she and her mom were offered. But she looked around, saw nothing on the market even close to the less than $900 a month they pay now, and realized that the money wouldn’t last more than a couple of years. Read full article. 

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