Venice, the famously picturesque neighborhood in Los Angeles, has become a poster child for wealthy urban enclave that has closed its doors to development and new residents—despite a strong local economy.
Laura Kusisto writes:
Venice Beach, Calif., is one of the nation's hottest neighborhoods, brimming with affluent young residents and technology startups like Snapchat. But in one respect, it bears little resemblance to a boomtown: It hasn't gained a single housing unit in 15 years.
What's more:
In all, Venice Beach had roughly 700 fewer housing units in 2015 than in 2000, as apartment development stalled and wealthy homeowners gobbled up adjacent properties and leveled them. Home prices in the ZIP Code have more than tripled in those 15 years, rising 246% compared with the national average of 52% in the period…
Kusisto is sharing data from a study conducted for The Wall Street Journal by Issi Romem, chief economist at BuildZoom, a website for contractors.
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