A Wall Street Journal report reveals frustration among community members regarding vacant high-end homes in Los Angeles amid a housing shortage. Real estate agents highlight the need for housing to be viewed as shelter instead of financial assets. Many vacant homes are owned by overseas buyers, particularly Chinese nationals. Local owners often inherit properties or treat them as second homes. Despite a low overall vacancy rate in Los Angeles County, the disruption from empty houses exacerbates the already critical housing crisis faced by residents.
"When there's not enough housing, we need homes to be viewed as shelter rather than an asset or an investment strategy." - Ashleigh Rader, Compass Agent.
"For years, wealthy international buyers have bought high-end homes in the U.S. as offshore investments, with buyers from China often leading the way." - Wall Street Journal.
"Los Angeles County's vacancy rate is quite low based on national averages, yet displaced residents see their unavailability as a compounding factor in a housing shortage." - California Association of Realtors.
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