Associates Home Loan on Hollywood’s Affordable Housing Crisis

There is no question that the Greater Los Angeles Area is facing an affordable housing crisis, and despite the city’s best efforts, the problem has only grown worse. Rent in the area has continued its upward trend, and several studies have asserted the current shortfall in affordable housing is well over half a million units. Residents of the area have already begun to relocate in response to the current lack of affordable housing, and a mass exodus might be on the horizon if the issue is not addressed in short order.

It’s worth noting that the city has taken action in response to this growing problem, introducing linkage fees, funding projects, and creating a host of other incentives while also using legislation to protect against the loss of rent-controlled units. While there has been a great deal of debate concerning this issue -- not to mention a great deal of disagreement over the best path forward -- it’s clear that something must be done to ensure the problem does not get out of hand before it’s too late.

For longtime residents of the area who do not wish to leave their homes, it appears as though it is time to take matters into their own hands. A number of residents in the area have taken advantage of short-term solutions to ensure they have access to housing despite the ongoing shortage of affordable options. Hard money loans as well as bad credit loans, for example, have proven popular among area residents, especially those in need of immediate access to financing or those with what might be considered a poor credit rating.

Residents in the area might find themselves in need of immediate financing for any number of reasons, as the rising cost of housing has left many enduring a foreclosure or bankruptcy proceeding, not to mention the number of area residents currently in arrears on their mortgage. In some cases, immediate financing might be necessary to quickly close on a new home, as the lack of available housing has created a highly competitive marketplace in which swift action is required.

Of course, the affordable housing crisis is an issue that demands a long-term solution. The robust public debate currently underway will certainly help ensure that the issue is resolved in the best possible way, but allowing the problem to persist in the meantime would be an absolute travesty. If the city is unable to find a more immediate way to address the issue, longtime residents will have to either take action to solve the issue or move away from the only city they have ever called home.