this post was submitted on 10 Jan 2025
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Late Stage Capitalism
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How can people afford this? To meet the 3x gross income requirement you'd need an income of $14,995 * 12 * 3 = $539,820. At that point you might as well just buy a house instead of renting.
The Palisades (where the largest fire is burning right now) house some of the wealthiest people in the country that just lost homes worth over $3 million on average. It’s scummy (maybe illegal?) to jack the prices up and these people are also rich enough to pay it, for the most part.
The other fires going on are a different story, but the address is near the Palisades without being in the danger zone.
Yet
The winds are over and it’s 5+ miles away, Marina del Rey catching on fire is not what anyone is worrying about right now.
Well you can never rule out arson
I thought all the fires were caused by arson?
Some are some aren't. Famously a couple were directly caused by poor maintenance by the power company, which then people who lost their homes to PG&E's incompetence had to continue paying them at their next home
That is genuinely don't know
It has already happened.
Capitalism eating itself, rich people now homeless and can't afford new homes
most of those rich people could afford a house, just not one in as "good" of a neighborhood.
Because this isn't for individuals. Corporations rent houses like this. Movie studios, music labels, executive perks for the c suite, and more recently YouTube streamer companies. When you have clients that need to travel a lot it's offered as a perk for them to "live" in one of these fancy houses. Executives who only stay with companies for a few years are easier to recruit if they don't have to hassle with buying or selling a home during a relocation. Or in the modern times YouTubers who need to a fancy house to stream from for content.
Rental costs are expenses, owning is a taxable asset.
I think it’s marketed to people who had a home and lost it.
That assumes someone will give you a mortgage and that you have multiple thousands of dollars saved up for closing costs, which unfortunately is the reason people are forced to look for rentals and are greeted with...that.
That's true for a lot of folks, but if you can manage 15k/month rent, then you absolutely have financial options and easily get savings.
California is super expensive because everyone makes a lot of money compared to other state medians.
Yeah everyone does. That's why there are no homeless people in California.