PMI has been involved in many investments in improving neighborhoods. This includes Santa Monica in the early 90s, Venice and Culver City in the mid 90s, and SOMA in the mid 2000s. In most cases, we invested in creative offices in improving areas after recessions. Those offices were filled with companies that brought jobs. We took obsolete warehouses and turned them into productive offices bringing in jobs And most people in the community thought that was a good thing.
We are now investing in Northeast LA and taking obsolete run down apartments and turning them into renovated creative apartments. We are helping improve the neighborhood. However, not every one in the community thinks this is a good thing. Lower income renters feel they are being displaced and pushed out of their neighborhood. This was true of Venice in Los Angeles, Chelsea and Harlem in New York, and the Mission District in San Francisco. Now it is happening in Northeast Los Angeles and specifically in Highland Park. Recently, renters held protests against gentrification. An apartment building that we are substantially renovating was one of the properties cited by the protestors as displacing the original tenants. We must now work to soften the impact of gentrification for this constituency. You can read some of the issues in the Los Angeles Times Article below.