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Trading places
A few weeks ago, I checked out the latest monument to Los Angeles' newfound urbanity: the Getty Oil Building at the intersection of Wilshire and Western. The 23-story Modernist structure, designed by Claude Beelman and built in the early 1960s, has been converted into condominiums. Across the street is the Wiltern Theater, and Koreatown stores and restaurants are a block or two away. A Red Line station catty-corner to the Getty building gives a condo resident access to Universal City, Hollywood and downtown. The building, rechristened "The Mercury" by its developer, represents the epitome of car-free urban living.
If you can afford it. The condos cost about $700 a square foot, meaning a nice two-bedroom condo -- with windows on two sides and great views -- runs about $1 million.
A few evenings later, I found myself in the cramped living room of a single-family home in a suburb of Ventura, one of about 180 houses built a decade ago for buyers with annual incomes of about $50,000. Because the original development was federally subsidized, the homeowners can sell their house only at a restricted sales price of $300,000 to $400,000, which is 20% to 40% below the market price.
The cap on the selling price, the homeowners told me, has brought some changes to their neighborhood. It allows the working poor to afford these houses by teaming up to buy them. Realtors say four, five, even six people are listed on mortgage titles to qualify for financing. Seven, eight, nine cars are parked in the driveways and on the streets in front of the houses.
What's going on here? For a century, people in Southern California moved to the suburbs as they got richer, leaving the more "urban" parts of town to poor people. Now that pattern has reversed itself. Affluent people are leaving the suburbs to live in the city, while the working poor -- people who have jobs but don't earn enough to exceed the poverty line -- are doubling and tripling up in the suburbs to buy houses.
The migration of the affluent to the inner city has gradually increased in the last three years. According to a study by the Downtown Center Business Improvement District, the household median income of downtown residents with a least one earner was about $99,600 a year in 2006, roughly $28,000 higher than that of Beverly Hills. Nearly half of those surveyed reported annual income of $100,000 to above $250,000.
As the affluent go downtown, the working poor are tripling up to buy homes in the 'burbs.
If you can afford it. The condos cost about $700 a square foot, meaning a nice two-bedroom condo -- with windows on two sides and great views -- runs about $1 million.
A few evenings later, I found myself in the cramped living room of a single-family home in a suburb of Ventura, one of about 180 houses built a decade ago for buyers with annual incomes of about $50,000. Because the original development was federally subsidized, the homeowners can sell their house only at a restricted sales price of $300,000 to $400,000, which is 20% to 40% below the market price.
The cap on the selling price, the homeowners told me, has brought some changes to their neighborhood. It allows the working poor to afford these houses by teaming up to buy them. Realtors say four, five, even six people are listed on mortgage titles to qualify for financing. Seven, eight, nine cars are parked in the driveways and on the streets in front of the houses.
What's going on here? For a century, people in Southern California moved to the suburbs as they got richer, leaving the more "urban" parts of town to poor people. Now that pattern has reversed itself. Affluent people are leaving the suburbs to live in the city, while the working poor -- people who have jobs but don't earn enough to exceed the poverty line -- are doubling and tripling up in the suburbs to buy houses.
The migration of the affluent to the inner city has gradually increased in the last three years. According to a study by the Downtown Center Business Improvement District, the household median income of downtown residents with a least one earner was about $99,600 a year in 2006, roughly $28,000 higher than that of Beverly Hills. Nearly half of those surveyed reported annual income of $100,000 to above $250,000.