Let me toss my anecdote in on this one. I used to live in Koreatown in Los Angeles, my rent was $1000/month including one parking spot for a 1BR1BA. A few bloc

Let me toss my anecdote in on this one. I used to live in Koreatown in Los Angeles, my rent was $1000/month including one parking spot for a 1BR1BA. A few blocks from me a brand new building opened with micro-apartments going for ~$2600/month for a studio, around the same time a non-luxury building opened two blocks in the opposite direction but that was all subsidized housing so I never found out how much they even charged (I didn't qualify). Within a few months of this our landlord, who owns other properties and businesses in the area, stopped accepting new tenants or actively marketing the available apartments, it's rumored they are trying to tear that building down and make a bigger one. It's only about 30 units, but it's down to the last 3 tenants, rent has consistently gone up each year by the maximum allowed amount, maintenance is nonexistent, the parking lot sits empty and they still somehow enforce the max 1 vehicle per tenant rule. The rent for it is now $1200, trying to move in to a similar-sized apartment in the same block would cost you $1450 and an extra $100 for a parking spot. It's a crummy situation all around