Highland Park renters feel the squeeze of gentrification

"The last few years, she's watched the changes sweep through Highland Park. 'Newcomers' who spend $600,000 on a fully rehabbed Craftsman house. Trendy record stores and vintage boutiques have opened, along with restaurants that charge $10 for a hamburger with no fries. And lately, she's seen more friends move to South L.A., the Inland Empire, even Hesperia in the face of rent hikes and orders to vacate so landlords can remake the buildings for more affluent tenants."

"Nearly 30 apartment buildings in Highland Park's 90042 Zip Code traded hands in 2014 - the most in a decade, according to real estate data firm Costar. Some of the buyers plan to keep existing tenants in place, though perhaps at higher rents, said Dana Coronado, a real estate broker who specializes in northeast L.A. apartment buildings. Others have bigger plans: empty and redo the building - often adding bedrooms and high-end finishes - to attract a wholly different class of renters at a much higher price."

Highland Park, located northeast of downtown Los Angeles, has become the epicenter of gentrification in the city. Long-term residents like Vanny Arias witness dramatic neighborhood transformation as affluent newcomers purchase homes and trendy businesses open, significantly raising property values and rents. Landlords increasingly terminate leases to renovate buildings for higher-income tenants, forcing residents to relocate to more affordable areas like South L.A., the Inland Empire, and Hesperia. Nearly 30 apartment buildings in Highland Park's 90042 Zip Code changed ownership in 2014, the highest in a decade. Real estate investors employ two strategies: maintaining existing tenants at elevated rents or completely renovating buildings to attract wealthier renters at substantially higher prices.

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