L.A. COUNTY HEADLINES 📰 Rising rents, Mega Millions and more

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The report from the University of Southern California, as highlighted by the Orange County Register, projects a 2-4% increase in rents across Southern California.

USC’s Casden Multifamily Forecast indicates that Los Angeles, San Diego, Riverside, and San Bernardino counties will see rent hikes lower than the average, with Ventura County experiencing average increases. Orange County, noted for its dynamic rental market, is expected to witness rent growth slightly higher than average, potentially reaching $2,800 monthly by late 2025.

For the years 2024-25, the rent increase rate is predicted to be less dramatic compared to the pandemic period, which saw annual increases of 12-18%. However, the trend is expected to pick up in the subsequent years due to a decrease in apartment construction, as per USC’s Lusk Center for Real Estate.

Landlords are facing impending financial challenges, as per the forecast. The need to replace maturing low-interest loans in the coming four years, coupled with high interest rates and rising operational costs, might lead to foreclosures and a reduction in the housing supply.

The forecast also predicts vacancy rates to hover between 4-6% in the next couple of years. The industry’s financial struggles could lead to a dip in the availability of new housing, resulting in tighter vacancy rates and increased rents.

Lastly, the forecast underscores the ongoing rental housing shortage in Los Angeles County, a chronic issue. Despite the above-average number of units built in the last year, the county still faces difficulties in meeting housing demand.

2 Mega Millions Jackpot Tickets Sold at Same Los Angeles Gas Station: Two lucky lottery players won a combined $395 million Mega Millions jackpot after purchasing tickets at the same gas station on Sepulveda Boulevard in Encino. The winning numbers were 7, 29, 34, 46, 54, and the Mega Ball number was 18. The California Lottery is still searching for the winners.

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Shohei Ohtani Signs with Los Angeles Dodgers: In a move that sent shockwaves through the baseball world, two-way superstar Shohei Ohtani announced he will be joining the Los Angeles Dodgers. The deal is reportedly worth $500 million over 10 years and makes Ohtani the highest-paid athlete in baseball history. Ohtani is expected to be a key piece of the Dodgers’ championship aspirations for years to come.

Danny Masterson Surrenders Guns After 3 Years, but Mystery Remains: Actor Danny Masterson, who is facing three counts of rape, finally surrendered his guns after three years following a court order. However, the mystery surrounding the case remains as Masterson has pleaded not guilty and the trial is not expected to begin until 2024.

Woman Gets 25 Years to Life for Slaying Ex-Foster Mother of Her 2 Kids in Pasadena: A woman identified as 34-year-old Sarah Jones was sentenced to 25 years to life in prison for killing her ex-foster mother, 78-year-old Helen Johnson, in Pasadena. Jones reportedly stabbed Johnson to death in her home in August 2022.

Rose Parade 2024 Float is Taking Shape: Construction is well underway on the DirecTV float for the 135th Rose Parade, which will be held on January 2, 2024. The theme of the float is “Connecting the World,” and it will feature a giant globe surrounded by images of people from different cultures.

Strike Averted at LA Hospitals as Supervisors Close Contract Loophole: A strike that could have affected as many as 5,000 nurses at several Los Angeles hospitals was averted at the last minute after hospital supervisors agreed to close a loophole in a contract that allowed them to force nurses to work overtime. The new agreement will limit the amount of overtime that nurses can be forced to work and will provide them with additional compensation for overtime hours.

Unionized Strippers on Strike Through Saturday in North Hollywood: Strippers at The Body Shop in North Hollywood have been on strike since Friday, December 8, demanding better wages and working conditions. The strippers are seeking a $900 minimum wage and an end to unfair business practices. The strike is ongoing.

Man Arrested in Connection with Granada Hills and Porter Ranch Home Burglaries: A man, identified as 28-year-old Michael Lopez, was arrested in connection with a string of home burglaries in Granada Hills and Porter Ranch. Lopez is suspected of breaking into at least five homes and stealing valuables.

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Joshua88
Joshua88
1 year ago

The Ohtani contract is for $700m over 10 years.

Last edited 1 year ago by Joshua88