A few people bought into The Hollywood before the big October 2008 economic slide into oblivion. I’m sure they can absorb the losses. What they lose in equity, they recoup in lower property taxes. The rich can never lose. Remember that! I just hope that it will serve as a beacon to other developers to stay away from the rocky shores of Hollywood. I know I’m like a broken record, but look at my neighborhood! And when I “neighborhood,” I’m just talking about MY little block!
Most repellant in the nearby area is the abandoned project on LaBrea, just below Hollywood Blvd. Six floors of rotting wood taking up a whole city block. I hope and pray that they have decent security in place there. Honestly, it’s a pyromaniac’s dream. I don’t care how fire retarded the lumber salesman says it is. Wood burns. That’s a fact most Southern Californians know only all too well.