Businesses Fleeing Downtown L.A. In Droves
According to a construction trade group that calls itself "the Los Angeles Economic Development Corporation," the number of people living downtown is up, and the number of jobs is down -- WAY down.
The group's faux economist, spokesman Jack Keyser -- who has no degree in economics -- says there were 605,000 jobs downtown in 1995, but only 418,000 today.
Did you get that? During the past 12 years that the career politicians in City Hall have been running things, they lost nearly 187,000 jobs downtown.
The number of people living downtown is 28,878. The trade group touts that as being up 20% from two years ago, but all that means is that the population has risen by just 4,813, from 24,065. In a city with a population of nearly 4 million, that's not what you call "massive."
No word, by the way, on how many of those 28,878 people have jobs. Query how many of them are simply homeless people that local hospitals have dumped.
Now let me ask you a question: with the number of jobs down 187,000 over the past 12 years, and the number of residents at 28,878, would you invest YOUR pension fund in the financial success of downtown? I ask because City Hall is betting hundreds of millions of dollars of YOUR money on it.
You should also now start to understand why so many buildings downtown have been, and are being, "converted" to residences. It's not because everyone wants to live downtown. Rather, it's because this city is so hostile to businesses -- except developers who contribute to career politicians -- that those businesses have fled, leaving behind empty offices galore.
By the way, you're supposed to notice that, in the picture above, all the cars on both sides of the freeway are headed in the same direction, as if, say, 187,000 people fled downtown L.A.
Get the details in the L.A. Times.