It’s crystal clear by now: the biggest cities in the U.S. are experiencing the housing crisis. Although you’re not supposed to remind people of depressing trends ahead of the holidays in order to not spoil everyone’s mood, we really need to talk about it.
What Los Angeles, San Francisco and other biggest cities of the U.S. are going through right now may be unprecedented: homelessness levels are going up, the pay is not rising, housing prices are skyrocketing, and our next generation – millennials – prefer to spend their money on traveling instead of saving to buy a house.
Fact: Experts say that young people are prioritizing travel over buying a house, as they don’t believe it’s realistic to afford a house nowadays.
But could the housing crisis be related to lower salaries in the U.S. and could this spread to other, smaller cities like Pasadena? We forwarded this question to employment law attorneys at Rager & Yoon – Employment Lawyers.
Housing crisis may catch up with Pasadena
Los Angeles is undergoing a massive housing crisis that has caused home and rental prices to rise sharply. In fact, 2016 marked one of the most active house development years in a decade for Los Angeles, but the city is still experiencing a tremendous housing shortage.
Fact #1: Experts say that Los Angeles would need to build 100,000 units a year each year for 10 years in order to eliminate the housing crisis in the city.
Naturally, at times of housing crises, home and rental prices go up, which means even fewer people can afford an apartment or house. This forces many residents to live outside on the streets, contributing to LA’s growing homelessness levels.
Fact #2: Los Angeles reported a nearly 26% rise in homelessness in 2017 compared to last year.
The shortage of affordable housing is directly linked to the ongoing housing crisis in Los Angeles, San Francisco and other cities. Our attorneys warn that the crisis could spread to Pasadena.
Many residents in Los Angeles and other cities across California, where housing prices continue to rise despite salaries going down, choose to migrate to other cities to look for more affordable opportunities. And this leads to an increasing number of people flooding in Pasadena and other smaller cities.
While this may potentially create new job opportunities, the rising population is typically responsible for driving up housing prices in the city.
Are you prepared for Pasadena housing crisis?
Today, Pasadena is a very attractive destination for workers from all across the U.S. With the population of over 140,000 people, the city boasts many job opportunities for those who couldn’t find affordable housing in bigger cities.
While home and rental prices in Pasadena are currently not as high as in Los Angeles or other huge cities, it cannot offer infinite opportunities for everyone.
Not to mention that Pasadena has experienced decades of slow home building, which means the city’s landlords and homeowners would have to drive up costs in case a housing crisis erupts.
What does it mean for Pasadena residents whose salaries have not risen in the past several years (or have even been lowered)? A housing crisis of any scope puts more strain on families’ budgets, as affording homes and rent becomes more challenging.
Fact: the average rent in Pasadena is more than $2,340 per month.
Since any increase in population always poses the risk of laying off employees and/or decreasing their salaries, and given that the housing prices in Pasadena may rise tremendously if more people from bigger cities migrate, this leaves Pasadena workers with few options.
One of the options is to make sure you’re getting paid fairly and according to California state laws. Our employment law attorneys here at Rager & Yoon – Employment Lawyers offer a free initial consultation to those who want to know more about their rights in the workplace.
Make sure your rights are not being violated by the employer, you’re not getting harassed or discriminated against in the workplace – and keep track of your bonuses, promotions and other benefits which will help you be better prepared for Pasadena’s housing crisis in the long run.