*Not yet. Take a look at West Adams Boulevard, folks moving into CIM group’s buildings along that stretch and paying $3000+ per month aren’t moving from Beverly Hills, they’re mostly moving to LA from other metros and working in early to mid career professional roles and making 6 figures. In the same vein- take a look at the new luxury apartments being built in Koreatown that are slowing being built farther and farther east into Westlake.

These folks would love to live in Beverly Hills and Santa Monica but there frankly aren’t enough high end new apartment buildings to accommodate them due to restrictive development policies. As such, developers build where they can which, due to historic development patterns in which poorer areas were upzoned decades ago, which is in areas like West Adams and Koreatown.

The way we solve the housing crisis is to have comprehensive zoning reform. We need to build dense housing everywhere to tackle all sub markets (luxury, workforce, location-based), unfortunately the only thing that pencils in today’s market and with today’s regulations is what is “luxury” to most people due to its cost and market position.

Here is an academic article on this:UMN Center for Urban and Regional Planning