Hollywood Strike and its Economic Ripple Effects | 1-Minute Market Update w/ Martin Perdomo
Ever thought about what happens when mortgage rates climb, home designs shift, and the Writers Guild of America goes on strike? Well, that’s exactly what we’re exploring in this episode. We’re peeling back the layers on the current real estate market trends and how they’ve been affected by the Federal Reserve’s interest rate hikes. You’ll be surprised to learn that despite overall house sizes reducing, builders are adding more bedrooms, a trend possibly driven by the increased demand for home offices in the work-from-home era.
But that’s not all. We further delve into the ripple effects these shifts might have on the economy, with insights from Lee Ohian, an economic professor at the University of California in Los Angeles. As we discuss the ongoing Writers Guild of America strike, you’ll see it’s not just about the creatives in Hollywood. It’s about the catering businesses, the set builders, the florists, and more. With the entertainment industry making up almost 20% of the LA area’s income and employing around 700,000 people across California, the potential impact on discretionary spending and the housing market might be significant. So, buckle up for this comprehensive exploration of the intersection between real estate, economics, and the entertainment industry.
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