It's amazing how little has changed in recent years in LA. The massive downzoning of the 1980s had its effect: prevent efficient land use, and channel money into the hands of landlords and homeowners from all newcomers.

LA is a ridiculously unaffordable place to live, not because it's nice, but because of an artificial shortage of built space, due to a monopoly on the permission to build.

And don’t forget prop 13, there’s negative incentive for property to change hands and develop.

To be fair NYC has taken the opposite approach and rents are extremely high there as well