ONE MAN’S HOLLYWOOD - Hollywood is at it again – another international fraud to dupe the entire world. Ha, ha, world, fooled ya again! Suuuuckers!!!
The first fraud was about the imminent destruction of the Hollywood Sign. People from around the world sent hundreds of thousands of dollars to SAVE the Hollywood Sign. As Hollywoodians know, the land being purchased was the Cahuenga Peak and not Mt Lee which is the real home of the Hollywood Sign.
No matter, LA Councilman Tom LaBonge and the Hollywood Chamber of Commerce with the blessings of the City Attorney, District Attorney and even the US Attorney pulled off a global Bait and Switch scam, deceiving people into believing they were purchasing part of Mt Lee when in reality they were ransoming 140 acres scrub on Cahuenga Peak. It was no different than selling someone a Cadillac and delivering a Pinto.
That fraud only cost $12.5 Million. That’s chicken feed compared to the Multi-Billion Dollar Real Estate Fraud that LA Councilman Eric Garcetti and his gaggle of home boys at CIM Group are now perpetrating upon the world. One has to admire the beauty of it all.
The 2010 US Census shows that Hollywood’s growth was stagnate during 1990’s and that it significantly declined from 2000 to 2010. The Hollywood Community Plan boldly pronounces that Hollywood will add an additional 50,000 residents by 2030.
According to the fraudsters, Hollywood already has 224,426 people, but the reality is that in 2010 its population was only 198,228.
Hear Yee, hear Yee, all you fools with money overseas. Remember our securitized bundled mortgages that bankrupted entire countries like Iceland??? Have we got a deal for you! It is vastly inflated commercial real estate in downtown Hollywood.
(Psst, there is no DOWNTOWN Hollywood. At least the Brooklyn Bridge exists – buy that.)
If the downward population trend were to continue, by 2020 Hollywood will have about 183,000 and by 2030, it will have 165,000. That is a projected 85,000 discrepancy. And, here’s another secret for the overseas investors – they cannot sell the units which they have already built.
Come foreign money – invest in the Millennium, it’s only one million square feet in a non-existent downtown in a community from which people are fleeing due to excessive density. Yes, in face of proof that density is causing an exodus from Hollywood, the con artists are telling you that people are streaming into Hollywood to live in cramped skyscrapers.
Don’t look at the projects which are already going bankrupt like the huge project at Sunset and Gordon or at Hollywood and Western or at the $454 Million loss at Hollywood Highland. Just look at the fraudulent figures we shove in front of your noses and open your pocket books.
Get out a map and learn some geography – there is no reason people have to live in or near Hollywood. The film industry is mostly in the San Fernando Valley. The industry followed the people who left Hollywood decades ago due to the last bout of densification in the late 1950's and 1960's.
Who cares that the same bankers who sold you securitized bundled mortgages are behind the real estate boom in Hollywood. Maybe they’ll sell you Credit Default Swamps to safeguard your investments.
Remember, Hollywood is the Land of Make Believe. Americans say that “A sucker is born every minute” and “a fool and his money are soon parted.”
Welcome, foreign fools , er I mean foreign investors.
(Richard Lee Abrams is an attorney in Los Angeles. He can be reached at: [email protected] ) –cw
Tags: Hollywood, US Census, Hollywood Community Plan, San Fernando Valley, Hollywood Sign
CityWatch
Vol 9 Issue 99
Pub: Dec 13, 2011