Los Angeles, once the hub of the film industry, is experiencing a significant decline in film production due to various factors. Only 1 in 5 American films is now shot there. Contributing reasons include the COVID-19 pandemic's lingering effects, wildfires, worker strikes, and more attractive tax incentives in other states. Consequently, celebrities are relocating, and many home shoppers in L.A. are seeking properties out of state. This shift is eroding the urgency typically associated with luxury homebuying in Los Angeles, leading to concerns about the local real estate market.
"It's so grim, like a sad company town where the mill is closing," one anonymous executive told the publication.
"We're witnessing a significant shift in both celebrity migration patterns and the ripple effect on the Los Angeles housing market," says Southern California real estate agent TJ Convertino.
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