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Opinion: The overlooked history of high-density housing in Los Angeles

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Los Angeles has a forgotten history of dense housing that is often overshadowed by the city’s sprawling suburban neighborhoods. This history is evident in the eclectic mix of multifamily housing along Parkman Avenue in Silver Lake, where bungalow courts, duplexes, and apartment buildings coexist with single-family homes. While the city is known for its individual houses with yards, multifamily housing has a deep-rooted legacy that dates back to the early 20th century.

Despite the city’s current emphasis on single-family homes, the demand for density is growing as the housing crisis worsens. The state has mandated that Los Angeles rezone for more than 450,000 units by the end of the decade, prompting major construction efforts. However, neighborhood groups are pushing back against these changes, fearing that new development will lead to high-rise buildings that clash with the city’s character.

From the garden apartments in Crenshaw to the fourplexes in the Fairfax district, Los Angeles has a rich history of multifamily housing that has been overshadowed by the dominance of single-family homes. The city’s early apartment buildings were celebrated for their open, light-filled design, often resembling single-family homes in scale and appearance.

However, by the mid-20th century, zoning restrictions and design regulations had homogenized Los Angeles’ housing stock, leading to the proliferation of dingbat apartments – cheaply built, stucco-clad structures that dotted the cityscape. These dingbats became synonymous with the city’s post-war growth but were eventually phased out due to concerns about density and design quality.

Today, new construction in Los Angeles often takes the form of six to seven-story buildings on commercial boulevards, a stark departure from the city’s traditional development pattern. However, initiatives in other cities, such as Portland and Minneapolis, have shown that there are alternative ways to add density without sacrificing the character of residential neighborhoods.

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Portland’s Residential Infill Project, for example, has encouraged the construction of townhomes and fourplexes in place of larger single-family homes, resulting in a more diverse and affordable housing stock. Similar efforts in Minneapolis have eliminated single-family zoning altogether, allowing for a mix of housing types in residential areas.

In California and Los Angeles, policies such as accessory dwelling units and split lots have been implemented to allow for greater density, but these efforts are often complex and lack the simplicity and elegance of older multifamily housing designs. Streets like Parkman Avenue serve as a reminder that the city already has a blueprint for building diverse, context-sensitive housing that respects the character of existing neighborhoods.

As the city grapples with a growing housing crisis, it is essential to look to the past for inspiration on how to build a more sustainable and equitable future. By embracing the forgotten history of dense housing in Los Angeles, we can create a city that is both vibrant and inclusive, preserving the unique character of its neighborhoods while addressing the pressing need for affordable housing.

Max Podemski is an urban planner in Los Angeles and author of the forthcoming “A Paradise of Small Houses: The Evolution, Devolution, and Potential Rebirth of Urban Housing.”

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Is now the right time to invest in gold as prices have cooled?

Now may be the time to buy gold following a recent lull in its price.

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The price of gold has climbed to record highs recently and has remained strong through much of April. And, that growth continued until the precious metal traded at around $2,390 per ounce on April 19, 2024. But since, growth in the price of the precious metal has cooled, with gold’s price now hovering around $2,300 per ounce.

This lull in gold’s price may represent an investment opportunity.

In general, investing is centered around buying assets when prices are low and selling them when prices are high – generating a profit on the difference between the two. So, considering the declines in gold’s price over the past few days, now may be the time to make your investment. But is buying gold during this lull in prices really a good idea?

Compare your gold investment options among leading brokers now.

Gold prices have cooled. Should you buy in now?

With gold’s price down from recent highs, you may be wondering if now is the right time to buy in. There are several reasons the dip in gold’s price may represent an opportunity to buy. Here are some of the biggest:

Prices may rise again

If looking at a gold price chart shows anything for certain, it shows that changes in the overall growth of the medal come in fits and spurts. Periods of price growth are typically followed by periods of declines and vice versa.

But with inflation rising in recent months – and with gold’s reputation as a safe-haven asset that can hedge against inflation – it only makes sense that the price of the precious metal will eventually start to head up again in the future. While attempting to time that directional change may be tricky, buying the precious metal while the price is down gives you the opportunity to take advantage of any upward movement that may be ahead.

Add gold to your portfolio now before prices have a chance to rise.

You may be able to make a quick profit

Gold isn’t known as an asset in which you can earn a quick return, but in today’s market, that may be the case. Don’t forget that in January, gold was trading at just $2,000 per ounce. And, by mid-April, the commodity’s price had climbed to around $2,400 per ounce. That’s about 20% growth in a matter of months, much of which happened since March 1 – an impressive climb for any investment asset.

Perhaps more importantly, gold’s price growth through the beginning of 2024 shows that the commodity doesn’t have to be a buy and hold style investment that you keep in a safety deposit box or precious metal depository for years to come. There’s also the possibility that the commodity’s price could climb further ahead, making it a compelling way to potentially generate a quick profit.

There are other benefits of investing in gold

There are other benefits of investing in gold that have little to do with the price growth seen thus far in 2024 – or the lull in prices seen over the past couple of days. Those benefits include:

Inflation protection: Gold has long been considered an inflation hedge, and for good reason. When inflation drives the prices of consumer goods and services up – and the value of the dollar down – gold’s price tends to rise. So, it could be used to maintain the value of your portfolio during inflationary economic conditions. That’s important in today’s economic environment as stubborn inflation continues to weigh on the value of the dollar.
Portfolio diversification: Gold’s price doesn’t always move in the same pattern that bonds or stocks do. So, mixing a reasonable amount of gold into your portfolio (up to 10% of your portfolio assets) as a diversifier could protect you from losses should one or more of your traditional portfolio assets fall in value. “If you have less than 5% – 10% of your net worth in commodities & FX (forex), you should absolutely consider adding exposure to gold and other precious metals,” says Vijay Marolia, money manager and managing partner at the wealth management firm, Regal Point Capital.

The bottom line

Gold’s price has fallen from recent highs – which may represent an opportunity to tap into growth ahead. However, gold isn’t simply a “buy while it’s low and sell while it’s a high” kind of investment opportunity. The commodity can also protect your portfolio from the stubborn inflation we’ve seen thus far in 2024 while acting as a diversification tool that could increase your risk-adjusted portfolio returns. So, consider adding gold to your portfolio today while it has the potential to grow in value.

Joshua Rodriguez

Joshua Rodriguez is a personal finance and investing writer with a passion for his craft. When he’s not working, he enjoys time with his wife, two kids, two dogs and two ducks.