Los Angeles is quickly becoming a place exclusively for the white and rich

[hashmander]

how bad dpes property taxes have to be to force you to leave your home even after it's paid for ?

ok let's say when you retired your paid off DC home was worth $150k, the property taxes you're budgeting your fixed income on is about $900 a year. now your area just got hot and all sorts of nice homes and condos are popping up near you and home values are exploding. your house is now assessed at $500k, your property taxes are now $2900 a year. remember your income is fixed.

fwiw, DC property tax rates are pretty low.

 

[mastermind]

if your house is paid off your only option isn't to sell because of the increase in value and subsequent taxes. you can refinance and take out the equity, buy a cheaper place (same place you were going to move if you sold the house) and rent out your DC home for those extreme rental rates that people complain about.

another option is if you're retired and have kids and they stand to inherit the property then they need to come up with that extra money to cover the increased taxes since it's gonna be theirs eventually.

I am not saying you are wrong. I am just telling you what happened to a lot of people who had to sell their homes.

They didnt have that foresight or didnt have the income, as you pointed out to do something else.

 

[BigMoneyGrip]

That's exactly what it was.

A lot of people paid off their homes but property taxes spiked as new developers came with new home buyers.

A lot of people were forced out because they cannot afford the taxes.

And see the fukked up shyt is when you do have a mortgage the prop taxes are cheaper and the moment the home is paid off that shyt goes up.. clown shyt

A smart man would take the equity out of the home on a home equity loan since it’s basically another mortgage.. pocket that cash then rent the home out and go cop another house..

Just sayin lol

 

[BillBanneker]

property taxes has forced a lot of people in DC to sell.

Yup, seen some folks inherent homes from parents, didn't realize how high taxes are and basically get buried since they're not traditional home owners, or older folks who are on fixed income. Also add in maintenance cost(s) for the house, and it makes it really easy to cash out and move out.

 

[DEAD7]

What do you the mean the entire state. There's still decent places to live right?

What are the forces that specifically target black people compared to any other race

Increases to cost of living displace the poor which blacks are a disproportionate part of across the nation...

 

[ogc163]

Waiting it out and banking on a come up when gentrification comes is a double edged sword. On one hand as a property owner you benefit from the increased value in your home, but what about people with children? Just because an area has gentrified doesn't mean the local public schools magically become better, and most black middle class first time homebuyers cannot afford private school tuition(especially in major metros where good private schools can be 25-40k a yr) at that point you are placing your kids longterm potential at risk by sticking it out.

As I stated in the NY gentrification thread, family formation and metro living don't mix and not because of "values" as previously was thought to be the case but because the cost of living in cities and the cost of a child don't really mix unless you and your partner have a relatively high income. And so these city dwelling white hipsters/yuppies who are comfortable envisioning long term lives without children are sympatico with how the modern metro dynamic is being constructed.

 

[Aba_juggin]

Increases to cost of living displace the poor which blacks are a disproportionate part of across the nation...

oh so they get the bad end of the stick. I was just thinking because there are also low income people of all races that are affected by gentrification as well

 

[Serious]

oh so they get the bad end of the stick. I was just thinking because there are also low income people of all races that are affected by gentrification as well

Yeah there are,but statistically the ratio of african americans that will be harmed in the long run is substantially high.

As far as LA, african americans aren't even reaching the middle class at the rakes hispanics are. It's kind of depressing at times because we're over represented in low skill jobs....

 

[Aba_juggin]

ok let's say when you retired your paid off DC home was worth $150k, the property taxes you're budgeting your fixed income on is about $900 a year. now your area just got hot and all sorts of nice homes and condos are popping up near you and home values are exploding. your house is now assessed at $500k, your property taxes are now $2900 a year. remember your income is fixed.

fwiw, DC property tax rates are pretty low.

Aww I see no wonder. I can now see how California can be hell to live in if you have a house because that jump from 200K to 800K over a 20 year span can be hell. Sometimes you cant even pay off your house in 20 years due to the cost of living working conditions.


best thing to do is work for a period of time, pay off your home as quickly as you can, then use the equity to cop a cheaper home out of state, but rent out your home and have those who hare living in your house take care of the mortgage and property tax, yet make about 500 a month profit and use that to help pay for mortgage in your newer, more affordable option.

This seems like a game of monopoly.

 

[Aba_juggin]

Yeah there are,but statistically the ratio of african americans that will be harmed in the long run is substantially high.

As far as LA, african americans aren't even reaching the middle class at the rakes hispanics are. It's kind of depressing at times because we're over represented in low skill jobs....

Wow thats funky. I wonder how it is in the bay. Seems a little scary what will happen 5-10 years from now. The pace of life in California seems a bit too fast. If you can't keep up.....

And it honestly has to do with the jobs and inherited income....well also systematic obstruction of resources


I've met some people you wouldn't even know have inherited money, working basic side jobs, or it helpdesk jobs, but are comfortable chilling at home because they have familial wealth. So while people are chasing check to check in California, they already have money, and a home, on the side to fall back in case their financial options do not fall through

 

[Serious]

Wow thats funky. I wonder how it is in the bay. Seems a little scary what will happen 5-10 years from now. The pace of life in California seems a bit too fast. If you can't keep up.....

And it honestly has to do with the jobs and inherited income....well also systematic obstruction of resources


I've met some people you wouldn't even know have inherited money, working basic side jobs, or it helpdesk jobs, but are comfortable chilling at home because they have familial wealth. So while people are chasing check to check in California, they already have money, and a home, on the side to fall back in case their financial options do not fall through

Bingo hit the nail in the coffin.

There's only so many jobs that pay enough to live in all these newly built condos that cost 3.5k+ a month....

 

[☑︎#VoteDemocrat]

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[#1 pick]

I would say it become Korean by foreign investment and land buys but as far as other races other than Korean are concerned, Whites are dominating everyone else. The one thing obvious, Black people are done in LA.

 

[Aba_juggin]

I would say it become Korean by foreign investment and land buys but as far as other races other than Korean are concerned, Whites are dominating everyone else. The one thing obvious, Black people are done in LA.

Damn la is cheaper than the bay though.

 

[#1 pick]

Damn la is cheaper than the bay though.

But the jobs are exclusively white. In the Bay, you at least have a shot to compete.