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Downtown life has downside

August 03, 2008

Some important points are missing from the story on living in the loft. ("Lofty living pays sweet dividends," Your Money, July 27.)

Rents rise every year, and in about 10 years, the current rent will double. No equity is being built up. For people with no independent means, this is more than a hurdle; it might put them into homeless category once they stop working.

Few people can live on a couple of plastic bags of goods carried up, and fewer still will live without a car. Parking expense is significant.

Rent of $2,500 a month translates into a real estate loan of more than $200,000. Such a loan buys little today, but whatever it buys, it gives a steady monthly payment and some security for the future. Until rents are stabilized, they are no long-term solution for working people.

Linda Bolard

Brea

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