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Wednesday, Oct. 25, 2017
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Volume 110 | Issue 4
Sky-High Housing Prices Spell Trouble One of the cornerstones of the American Dream is increasingly out of reach for young adults their own. Despite being better educated, millennials earn 20 percent less than boomers did at the same stage in life. Thirty-four percent have a bachelor’s For many of us, the American Dream degree, and a significant number more – or what’s left of it – includes landing a have at least some college under their belt. dream job in a favorite city, getting marBut while the group may be swimming in ried, having kids, and perhaps most imknowledge, they’re also drowning in debt. portantly, owning a home. Mark Twain The student loan debt crisis is not a famously called on Americans to buy well-kept secret. Talk to any college stuland. “They’re not making it any more,” dent or recent graduate, and they’ll likely he quipped. give you their own personal nightmare reThe right to property is a quintessengarding their suffocating student loan situtial part of the American middle class ation. According to the Economist, there vision. Recent years haven’t been too was roughly $1.3 trillion of outstanding kind to this vision. One group, in parstudent loan debt in 2014, with over 44 ticular, has an outlook that appears inmillion affected borrowers – an average creasingly bleak: millennials. balance of $37,000 per person. This cohort of Americans is reaching And because millennials love to be adulthood early in the 21st century; they kicked while they’re down, most of them were born in the years between 1980 received a warm graduating gift in the form and 1997, according to most demograof the worst economic plunge phers. Millennials are often “Stagnating since the Great Depression. described as lazy and entitled Stagnating wages, crushing children, living off the spoils wages, crushstudent loans, slowly-recovering thrust upon them by their alling student economy; this generation has it benevolent predecessors, the Baby Boomers. loans, slowly- tough. to this – as well as shiftThis is true to an extent, recovering ingDue long-term priorities – millendepending on where you look. We’re living in an era economy; this nials are putting off major life of cheap goods. The price generation milestones. None more prominent than the purchasing of one’s of food and clothing is falling relative to wages, and the has it tough.” own home. Sky-high housing prices are internet has given us nearly the primary roadblock. While the national unlimited access to all kinds of informahousing market hasn’t quite fully recovtion. Medical technology has never been ered from the 2008 crash that sent the better, too. global financial system into disarray, about Turn that page over, though. a third of major US cities have seen a nearAmericans pride themselves on their complete rebound. generational upward mobility, but milThe cities that saw a rebound, like San lennials may be the unfortunate generaFrancisco, Denver, and Los Angeles, also tion to break that streak and earn less – not coincidentally – have strong growing than their predecessors, by no fault of By Ken Allard Editor-in-Chief
Photo by Rory Cohen
LUXURY DEVELOPMENT ON STEROIDS: A new development in Koreatown is slotted to sell apartments at a price range starting in the high $600,000s.
economies that attract young, educated talent. Job growth attracts population growth, which means the demand for housing increases, which results in a positive feedback loop of continued economic surge. Although, if there isn’t adequate supply to answer demand, prices continue to climb until equilibrium is met. The issue of inadequate housing supply is a very real issue. From September 2016 to August 2017, the US had about 1.2 million housing starts. This is 16 percent lower than the long-term national average. Multifamily starts are 11 percent lower than average, while single family builds are 18 percentage points behind. According to the USC Casden 2017 Multifamily Forecast Report, developers
need to build an additional 300,000 new units per year to keep up with demand. [See Housing, page 2]
IN THIS ISSUE News. . . . . . . . . . . . . . . . . . . . . . 1-6 Features . . . . . . . . . . . . . . . . . . . . . . 7-8 Opinion . . . . . . . . . . . . . . . . . . . . . . 10 Entertainment. . . . . . . . . . . . . . . . . 11 Sports. . . . . . . . . . . . . . . . . . . . . . . . 11
Skepticism Mounts Over Grayson Repowering Plan Concerns over GWP initiative raised at City Hall meeting
Photo by Ken Allard
QUESTIONS ABOUND: Manuel Camargo of the Glendale Water and Power Commission addresses public questions. A special meeting was held on Oct. 16 so the Draft Environmental Impact Report (DEIR), prepared by Stantec Consulting Services, could be presented, analyzed and debated in an open forum area, in which time was left for public comment at the end.
By Ken Allard Editor-in-Chief The Grayson Repowering Plan, spearheaded by Glendale Water & Power, appears to be in dire straits after the Oct. 16 meeting at Glendale City Hall. The special meeting was held so the Draft Environmental Impact Report (DEIR), prepared by Stantec Consulting Services, could be presented, analyzed and debated in an open forum area, in which time was left for public comment at the end. Stantec’s most notable major project was its involvement in the development and maintenance of the Keystone Pipeline. With the Grayson Repowering Plan, GWP is seeking to decommission eight aging gas-fired generation units, and replace them with ones that they claim will be more efficient and reliable. GWP suggests that this will give the Grayson Plant an additional 43 megawatts of power generation. To get those MW numbers, GWP is going off of the nameplate capacity of the older units. However,
official GWP documents show generators aren’t operating at nameplate. Using actual generating capacity, the Grayson Repowering Plan would give the plant an additional 77 MWs, which doesn’t include the energy received from Scholl Canyon. The 106-person capacity room in the Glendale City Council Chambers was filled to the brim, with many community members standing towards the rear of the chambers. Concerned local residents wore green shirts and carried signs in favor of clean-energy alternatives. “We want clean energy,” one sign said. Another read, “Needed: An Unbiased Study.” The nearly two-hour-long presentation by Stantec in front of the five-person GWP Commission, which acts as an advisory body to GWP, gave a summary on the projected impacts of the Grayson plan. The DEIR analyzed aspects such as aesthetics, air quality, greenhouse gas emissions, and hazardous materials. [See Grayson, page 2]