Los Angeles is the Least Affordable Rental Market in the Country
As reported on KPCC, Los Angeles, the city with the highest amount of renters in the country, is showing how tough the city can be. A new study from UCLA's Zimer Center for Real Estate confirmed that the Los Angeles Market is the least affordable in the country based on the percentage of income renters dedicate to paying rent.
According to the study, Los Angeles, "has a lower median household income than comparable cities such as New York or San Francisco but only a small difference in median rents. At the same time, Los Angeles has relatively fewer publicly subsidized units and weaker rent control."
To fix this problem the Los Angeles Department of City Planning Housing Needs Assessment stated, "the city needs to produce roughly 5,300 units per year that are affordable to moderate-income households or below."