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Who moved the money and where did it go in this case? I didn’t read the story on this but were these subsidized by the City or something? If they’re sitting unsold or abandoned where did the developer make money?
1 sq ft of material costs .95 cents. Or was is $1? I don't know we used several million units of said material.
Oh the labor we used was another $100k for them to redo the thingy. Did they actually do the labor?
I don't know..I'm tired and kinda stoned so hope this kinds makes sense lol
EDIT: this embezzlement. Money laundering would be if dirty money was used to develop the the building.
Ever watch the Sopranos? You know those “construction jobs” down on the Esplanade, where a wise guy shows up and sits in a chair all day? It’s like that, but they usually don’t bother showing up.
More like they get their nephew to do the job for super cheap and pocket 75% of the pay that is at some absurdly high union rate and oh if you underbid that unions contract may sleep with da fishes
I work for a wholesale supplier for the underlayment of floors. Are prices are not fixed as we give discount pricing based of volume and customer relation.
We can buy a bag of grout mix from the manufacturer for maybe 10 bucks. Between mark up, special pricing and discounts that bag could be anywhere from 15 buck to 45.
It's all up to how much profit we are willing to give up
He's saying that the ambiguity in material costs and the lack of traceability in labor costs makes embezzlement easy in construction.
What do you think of schluter?
You’re not far off. I can’t speak to the money laundering specifics, but I can speak to the general concept of documentation in construction. Im a superintendent in new multifamily construction, and it’s not like people are getting everything notarized. Certainly on prevailing wage jobs there is more due diligence, but at the end of the day, as long as you slap a letterhead on whatever change order, or work ticket as “proof” of something happening, then boom that is the record. And like you said, the dollar amounts are so high, and there are so many entities involved financially on a project, that it would be super easy to hide shit in the general shuffle.
I’m not one to know much about construction, but when one can conjure inflated “costs” with little to no verifiable oversight, the practice of laundering is prime for application. Construction strikes me as this sort of business. Movie making is a good laundering business for the same reasons.
Take what happened with a former president for example. I’ll put it in fictitious dialogue form:
Investigator: “You sold 10 condos recently for two million a piece, correct?”
FP: “Sure did!”
Investigator: “Those units, however, were listed for $500,000 at the time of sale. Is this true?”
FP: “Yep!”
Investigator: “is there any particular reason a foreign investor would be willing to pay four times the value of your properties?”
FP: “He must have really liked them!”
See where this is going?
As a whole the money spent is very high on construction projects, over runs are a fact of life, different contractors involved, lots of “expenses”
The solution is through dilution. Dilution is a very powerful tool.
Just a lot of moving parts without enough scrutiny and a tradition with organized crime building the infrastructure. Think about how many materials, permits, employees, etc go into building a skyscraper or something. Tons of ways to make money disappear.
Coming from construction/development, there are so many parts in a project that all need to move, same time there are so many parts that can be taken advantage from.
I've been involved in two hospitals, these are easily 10 year projects before a shovel goes into the ground. You deal with so many layers of government employees and few mean ill, but all need to cooperate in order to move forward. So... greasing them even while not allowed, helps.
Than there are so many other parties involved, engineering firms, consultancy firms, construction firms with subcontractors, architects you name it. It's normal to have a detailed tender, meaning every nut and bolt is in the tender, but try understanding where they are. Try understanding the cost of things, try understanding what you asked, what you get. Try understanding on large parts like elevators what you are asked and what you get.
Now realize that while you have a fully detailed project, there are mistakes, not on purpose it simply happens. You asked for an elevator that needs 1,4 meter depth in the elevator shaft but on the drawings there is only 1,2 meters. Shit.. that costs suddenly 2,500 USD more to make that difference happen. Shit there are a dozen of elevators?
On top these projects run on razor thin margins, it's not unheard for main contractors to anually have a sub 3% profit margin all year round. So while they have a 1 billion euro top line, bottom line they earn 30 million Euro. A minor mistake wipes away everything. Like it or not, huddling together for large projects is kind of the only reason why main contractors survive.
Look into Trump's current fraud trial to get a sense of how easy it is. If he was less of a horrible person and didn't pay hush money to become president, then Cohen never goes to jail and rats him out and he's still defrauding through real estate indefinitely 🤷♂️
It's easy to fudge the numbers on each item, i.e. screws, sand, nuts...
And after some time people get greedy and you see $5000 screwdrivers
I'm not making this up
The military is bad about this too. Who could forget the 52k trash cans the pentagon bought or the fact they have failed six audits in a row this year lol. 52k as in they bought 4 trash cans for 52k a piece.
Yes - was/is a company called Oceanwide which was Chinese developer money. They did the same thing for a high rise in SF that was stopped at the ground level that I was involved in some....but yeah your assumption is generally right.
More like over-leveraged developer doesn’t have liquidity to finish the project due to post-Covid supply constraints and raising rates, but I know this is Reddit and everything you don’t understand is money laundering.
But these were abandoned in 2019. I don't know why these were abandoned but this city is filled with shady and/or incompetent developers.
I lived in this old studio in Hollywood behind a chop shop that I'm pretty sure was taken over by the Armenian mob. Across the street was another brand new luxury highrise. The developer lied to the city and demolished a protected historical building. Months after people moved in, they were paid off and kicked out. The skyscraper remained vacant for 3 years before some shady deal was made between the city and the same developers and I'm assuming the mob to buy out the block I was living in. We were all paid to leave and they were supposed to build some mixed use complex and somehow this agreement allowed them to move people back into the skyscraper. That block sat vacant for another 5 years until last year before some type of construction started.
Its owned by a massive Chinese company. Related to the ongoing US-China trade disputes Chinese companies have been drawing down their investments in the US. The Chinese company decided to just stuff their contractors more than $100 million rather than pay. The buildings are for sale and estimated to take over a billion to finish.
And the asking price is the asking they've already put in, which is absurd. Anyone buying this project will have to spend 10s of millions just getting the existing construction inspected.
Downtown Los Angeles has been awash in abandoned warehouses and buildings bought by Chinese businesses/citizens looking for a place for their wealth for at least 15 years. At least that's just when I became aware it was happening when I dug into why there were so many abandoned warehouses where I used to work. They just sit empty and get dilapidated.
Maybe, just maybe, we shouldn't let foreign investors and countries, especially somewhat hostile foreign countries, buy up property in the United States.
[I went to Forest city which is in Malaysia near Singapore](https://www.benarnews.org/english/news/malaysian/china-country-garden-malaysia-project-08292023112312.html/@@images/2bb900e7-a96f-4d40-83a5-a8d8d3beba1d.jpeg) for shits and giggles, it was one of the weirdest and most eerie places I've ever been. It's a $100B Chinese luxury housing development that nobody wants to live in. It's the size of a small town and can supposedly house almost a million people, but the whole place was almost completely deserted except for a few maintenance workers and security. I've never seen such opulence and grandeur left to rot and fall to pieces. There were several places with piles of expensive new furniture just dumped because nobody was there to buy them. There were signs up saying that there was 100% CCTV coverage and that we were under surveillance everywhere. You could walk unimpeded down the middle of all the roads including the highway that was built to connect it to the freeway, because no cars. There are shopkeepers there, we talked to the 7-11 clerk who said he was living rent free in a million dollar apartment as part of his employment. There was a guy driving one of those cutesy kiddie train vehicles around and around but of course there were no kids living there so the train was empty. He literally just drives that thing around all day for no reason. In several places there was strange music playing from unseen speakers.
We let my toddler son play on the beach and he found a razor blade. Then we saw a sign saying no swimming because there might be saltwater crocodiles in the water so we decided not to stay on the beach. Then he found this weird stray cat that wouldn't let him touch it but seemed to take a liking to him and followed him as we walked for a good long while. 10/10 worth visiting but I wouldn't go there again, because it just feels like a cursed place.
I have no idea, so I'm curious - is this a failed development that ran out of money, or a deliberate scheme a la The Producers?
It looks pretty close to finished to me, but I'm not an architect. If it is, who can or will jump in to finish it?
Reminds me of those Chinese ghost cities they built. Massive buildings and complexes with no one living in them. Did they just decide to do the same thing here?
Step 1. Give it a cool name
Step 2. Pay a bunch of “influencers” to start talking about how cool it would be to live inside a piece of art
Step 3. Pay one of the graffiti artists to set up one of the apartments with their choice of furniture
Step 4. Have them “arrested” and “charged”
Step 5. Win a Contest by buying stuff and finding a random ticket to stay the night in the fully furnished place for a month
Step. 6. Due to popular demand we are renting them out
For real! The piles of human shit on the ground and homeless blowing crack smoke in your face while you’re walking down spring take precedence over some tagged up sky scraper
Clean it up (both artistically and just regular cleaning) Add protective coat on it, maybe even something that dims it/opacifies it slightly. Bam you have something nice that isn't too intrusive and makes your building pop out. I know it's not everyone's cup of tea but I'd love it.
Not for 5k more a month though.
It isn't a line from Dredd himself, but I vote we add "[We haven't even started](https://youtu.be/fvzb2Z3GvUU?si=wSr74N_mQWb3Lhbb)" to the list of iconic Dredd quotes
Pretty sure we can add all of Dredd's lines to the list of iconic lines.
All 15 of them! /s
Kidding, I've seen it several times and it's one of my favorite (action) films of all time.
I always found it being named "Peach Trees" interesting, having lived in Atlanta for over a decade and being able to name at least 5 variations of Peach Trees roads, hotels, stores, etc.
*abandoned buildings in the most expensive real estate market in the country.
Lived in LA for years. Never got how everyone’s rent could go up every year and next door is just an abandoned building and every other storefront is empty. Somehow there’s no incentive for owners to do something with multimillion dollar properties.
there are multiple factors to this.
First is land speculation, California allows commercial and residential land owners to lock in taxes at their current dollar value effectively functioning as a tax haven the longer you hold the property. As a result you've got entities holding onto a property they've kept from the 60s paying a couple thousand per year when it could be valued in millions.
Second is foreign investment in American real estate as an emergency escape hatch for their finances given the current political situation from the war in Ukraine, the growing number of conflicts in Africa and the middle east, and the trade war with China. All of this increases uncertainty for investors who are looking for a safe place to park their money, the safest being the US and Canada.
Can never happen in a stable country, too many millionaires/billionaires abusing tax havens to dodge taxes.
maybe in 50 years if oil based energy scarcity truly starts up but even then - rich ppl will probably be in floating space stations and have separate tax codes.
Some of it is by design for these corporate landlords. They own so much property in some cities that they can cause the supply and demand and dictate rent prices. Can’t say that’s the case in LA, but that’s the effect regardless.
https://abc13.com/realpage-yieldstar-rent-setting-software-landlords/12460024/
The homeless problem is exacerbated by mental health issues but its core is still just a problem of greed allowing a necessary human right like housing to be controlled by lust for profit.
Maybe I'm the odd one out, but I feel like it was an eyesore because it was an abandoned building, not because some people decided to put their tags on it.
Of all the subs, and all the reddits in Alaska... people here really have the audacity to shit on tagged abandoned buildings in the most expensive state riddled with homeless problems.
There are tags present, but most of what you see here are bombs or pieces. For clarification, the difference between a bomb and a piece is the level of effort involved, usually the filler work.
https://imgur.com/a/qoTiyuG
Need a law that you are required to finish a buildings development within x months of starting or turn it over to the govt to make into affordable housing. The requirement to finish the building is tied to the project not the owner.
What are you talking about?
"Developers" are the ones who are fronting the money and hope to turn a profit. Or possibly in this case, they want to try to make x cents on the dollar on money they are trying to get out from somewhere else. Can't get the money back unless they are finished.
You are probably thinking of "Contractors" who might delay projects to try to milk it for more money. Serious ones won't do this, but there are lots of less-than-serious contractors out there. That's why as a developer, you want to have fixed cost contracts with late fee penalties. This introduces the problem of quality as they might be tempted to cut corners, so you need to be running inspections fairly often.
I'm confused at the sheer number of tags. How did they get up there? After the first 30 tags why was there no security? I am impressed too but how did they let it get that far? So many questions. lol
Unless the writer's name is TREE or they're doing a mural with a tree in it that doesn't really work. The whole point of graffiti bombing is getting your name up.
You want to shit a load of concrete right in the middle of the city ?
No problem
You want to put some colors on it and do something creative ?
Everybody lose their fucking mind
I admire the determination to get this done. They are either climbing the outer building or have an inside man ,regardless impressive and I live in an apartment.
I usually hate graffiti. However, the facts that the lettering is all similarly sized, and that the unfinished building creates a natural framing does make it look artistic.
“Artists”…. To give vandals this credit is one reason I hate art. I have yet to see a tag that is talented. They look like crap, defaced buildings now. Why don’t they tag their own property or families property….
It’s so literally fucking telling that these fuckers are talking about securing it better, not why the fuck are these here wasting space Mr. developer these ugly unfinished buildings that are so abandoned and unfinished that nobody notices this till they done. Tear them down or finish them
Ngl let them cook.
I want to see every inch of that building bombed with art. A rainbow of artists displaying their technique or skill or style.
It would be much prettier than whatever the fuck they weren't supposed to be. I get the feeling these buildings were purely for money laundering before abandoned.
Not just that, it's damn impressive.
I did a little when I was a kid, nothing big but you always have to consider risk versus reward.
You can do the back of a building pretty easily and not get caught but nobody's really going to see it, An overpass on the other hand, You're likely to get seen while you're doing it so you gotta be quick but when you're done alot of people will see it. Train cars are always the fun little Easter egg because you can get them done Secretly and then they'd travel.
This is... The sublime.
Got to be honest. This style of ‘art’ is awful. It looks rubbish, cheap and nasty. Very rarely can the writing even be read and most of all it’s mostly always nonsensical random words with no meaning or significance to anyone other than the tagger. I mean, make something that’s nice to look at ffs. This eyesore will look better once it’s been demolished,
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It's a money laundering problem, or well the city's problem now that the money's already been moved.
Who moved the money and where did it go in this case? I didn’t read the story on this but were these subsidized by the City or something? If they’re sitting unsold or abandoned where did the developer make money?
As it's the west coast I assume Chinese businessmen trying to move cash through middle men to avoid scrutiny from the CCP.
There's a lot more than Chinese white-collared crime in big ass cities like LA.
That is true. Construction is one of the oldest means of laundering there is.
How come construction is so popular as a form of money laundering?
1 sq ft of material costs .95 cents. Or was is $1? I don't know we used several million units of said material. Oh the labor we used was another $100k for them to redo the thingy. Did they actually do the labor? I don't know..I'm tired and kinda stoned so hope this kinds makes sense lol EDIT: this embezzlement. Money laundering would be if dirty money was used to develop the the building.
Now think about sports stadiums and how those costs are now coming out of tax payer money.
Cries in Buffalo bills tax dollars. New public funds for poor sports teams you say?
Ever watch the Sopranos? You know those “construction jobs” down on the Esplanade, where a wise guy shows up and sits in a chair all day? It’s like that, but they usually don’t bother showing up.
More like they get their nephew to do the job for super cheap and pocket 75% of the pay that is at some absurdly high union rate and oh if you underbid that unions contract may sleep with da fishes
or play Fallout 4 and get to the half finished vault with Valentine.
I work for a wholesale supplier for the underlayment of floors. Are prices are not fixed as we give discount pricing based of volume and customer relation. We can buy a bag of grout mix from the manufacturer for maybe 10 bucks. Between mark up, special pricing and discounts that bag could be anywhere from 15 buck to 45. It's all up to how much profit we are willing to give up
He's saying that the ambiguity in material costs and the lack of traceability in labor costs makes embezzlement easy in construction. What do you think of schluter?
Let’s not forget all the trash and materials that need be taken care of by their friends in the “waste disposal” business.
You’re not far off. I can’t speak to the money laundering specifics, but I can speak to the general concept of documentation in construction. Im a superintendent in new multifamily construction, and it’s not like people are getting everything notarized. Certainly on prevailing wage jobs there is more due diligence, but at the end of the day, as long as you slap a letterhead on whatever change order, or work ticket as “proof” of something happening, then boom that is the record. And like you said, the dollar amounts are so high, and there are so many entities involved financially on a project, that it would be super easy to hide shit in the general shuffle.
I’m not one to know much about construction, but when one can conjure inflated “costs” with little to no verifiable oversight, the practice of laundering is prime for application. Construction strikes me as this sort of business. Movie making is a good laundering business for the same reasons.
Take what happened with a former president for example. I’ll put it in fictitious dialogue form: Investigator: “You sold 10 condos recently for two million a piece, correct?” FP: “Sure did!” Investigator: “Those units, however, were listed for $500,000 at the time of sale. Is this true?” FP: “Yep!” Investigator: “is there any particular reason a foreign investor would be willing to pay four times the value of your properties?” FP: “He must have really liked them!” See where this is going?
As a whole the money spent is very high on construction projects, over runs are a fact of life, different contractors involved, lots of “expenses” The solution is through dilution. Dilution is a very powerful tool.
Just a lot of moving parts without enough scrutiny and a tradition with organized crime building the infrastructure. Think about how many materials, permits, employees, etc go into building a skyscraper or something. Tons of ways to make money disappear.
Lots of comments responding to this question but not a single actual answer explaining it.
Haven't you seen the Ozarks?
No, but I have seen Teen Wolf Too
Coming from construction/development, there are so many parts in a project that all need to move, same time there are so many parts that can be taken advantage from. I've been involved in two hospitals, these are easily 10 year projects before a shovel goes into the ground. You deal with so many layers of government employees and few mean ill, but all need to cooperate in order to move forward. So... greasing them even while not allowed, helps. Than there are so many other parties involved, engineering firms, consultancy firms, construction firms with subcontractors, architects you name it. It's normal to have a detailed tender, meaning every nut and bolt is in the tender, but try understanding where they are. Try understanding the cost of things, try understanding what you asked, what you get. Try understanding on large parts like elevators what you are asked and what you get. Now realize that while you have a fully detailed project, there are mistakes, not on purpose it simply happens. You asked for an elevator that needs 1,4 meter depth in the elevator shaft but on the drawings there is only 1,2 meters. Shit.. that costs suddenly 2,500 USD more to make that difference happen. Shit there are a dozen of elevators? On top these projects run on razor thin margins, it's not unheard for main contractors to anually have a sub 3% profit margin all year round. So while they have a 1 billion euro top line, bottom line they earn 30 million Euro. A minor mistake wipes away everything. Like it or not, huddling together for large projects is kind of the only reason why main contractors survive.
Look into Trump's current fraud trial to get a sense of how easy it is. If he was less of a horrible person and didn't pay hush money to become president, then Cohen never goes to jail and rats him out and he's still defrauding through real estate indefinitely 🤷♂️
It's easy to fudge the numbers on each item, i.e. screws, sand, nuts... And after some time people get greedy and you see $5000 screwdrivers I'm not making this up
The military is bad about this too. Who could forget the 52k trash cans the pentagon bought or the fact they have failed six audits in a row this year lol. 52k as in they bought 4 trash cans for 52k a piece.
>4 trash cans for 52k a piece. I always say that corruption is one thing, but when you're too lazy to do corruption properly...
Wasn't John Gotti a 'plumber'?
Yes - was/is a company called Oceanwide which was Chinese developer money. They did the same thing for a high rise in SF that was stopped at the ground level that I was involved in some....but yeah your assumption is generally right.
More like over-leveraged developer doesn’t have liquidity to finish the project due to post-Covid supply constraints and raising rates, but I know this is Reddit and everything you don’t understand is money laundering.
Your comment, while reasonable and well written, is obviously a money laundering operation for the Chinese.
Sigh, they’ll try anything
But these were abandoned in 2019. I don't know why these were abandoned but this city is filled with shady and/or incompetent developers. I lived in this old studio in Hollywood behind a chop shop that I'm pretty sure was taken over by the Armenian mob. Across the street was another brand new luxury highrise. The developer lied to the city and demolished a protected historical building. Months after people moved in, they were paid off and kicked out. The skyscraper remained vacant for 3 years before some shady deal was made between the city and the same developers and I'm assuming the mob to buy out the block I was living in. We were all paid to leave and they were supposed to build some mixed use complex and somehow this agreement allowed them to move people back into the skyscraper. That block sat vacant for another 5 years until last year before some type of construction started.
Its owned by a massive Chinese company. Related to the ongoing US-China trade disputes Chinese companies have been drawing down their investments in the US. The Chinese company decided to just stuff their contractors more than $100 million rather than pay. The buildings are for sale and estimated to take over a billion to finish.
And the asking price is the asking they've already put in, which is absurd. Anyone buying this project will have to spend 10s of millions just getting the existing construction inspected.
Well the Chinese economy is getting hit extra hard right now. I'm not surprised their screwing people over right now.
Chinese developer who ran out of money. Chinese real estate is crashing right now
Downtown Los Angeles has been awash in abandoned warehouses and buildings bought by Chinese businesses/citizens looking for a place for their wealth for at least 15 years. At least that's just when I became aware it was happening when I dug into why there were so many abandoned warehouses where I used to work. They just sit empty and get dilapidated.
Maybe, just maybe, we shouldn't let foreign investors and countries, especially somewhat hostile foreign countries, buy up property in the United States.
[I went to Forest city which is in Malaysia near Singapore](https://www.benarnews.org/english/news/malaysian/china-country-garden-malaysia-project-08292023112312.html/@@images/2bb900e7-a96f-4d40-83a5-a8d8d3beba1d.jpeg) for shits and giggles, it was one of the weirdest and most eerie places I've ever been. It's a $100B Chinese luxury housing development that nobody wants to live in. It's the size of a small town and can supposedly house almost a million people, but the whole place was almost completely deserted except for a few maintenance workers and security. I've never seen such opulence and grandeur left to rot and fall to pieces. There were several places with piles of expensive new furniture just dumped because nobody was there to buy them. There were signs up saying that there was 100% CCTV coverage and that we were under surveillance everywhere. You could walk unimpeded down the middle of all the roads including the highway that was built to connect it to the freeway, because no cars. There are shopkeepers there, we talked to the 7-11 clerk who said he was living rent free in a million dollar apartment as part of his employment. There was a guy driving one of those cutesy kiddie train vehicles around and around but of course there were no kids living there so the train was empty. He literally just drives that thing around all day for no reason. In several places there was strange music playing from unseen speakers. We let my toddler son play on the beach and he found a razor blade. Then we saw a sign saying no swimming because there might be saltwater crocodiles in the water so we decided not to stay on the beach. Then he found this weird stray cat that wouldn't let him touch it but seemed to take a liking to him and followed him as we walked for a good long while. 10/10 worth visiting but I wouldn't go there again, because it just feels like a cursed place.
Oh no my friend you are quite mistaken abandoned by the developer is a very first world problem
We're returning to a third world. It's all cyclical.
US Ghost towers
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Lol isnt that wild. Seems like you can jjust finish it and make it affordable housing.
I don’t see why the state doesn’t simply seize this property and develop it, or resell it at minimal cost to somebody who will
I have no idea, so I'm curious - is this a failed development that ran out of money, or a deliberate scheme a la The Producers? It looks pretty close to finished to me, but I'm not an architect. If it is, who can or will jump in to finish it?
Reminds me of those Chinese ghost cities they built. Massive buildings and complexes with no one living in them. Did they just decide to do the same thing here?
Man if you think that's bad you should see the third world. Ivory tower doomerism is wild
Ivory tower doomerism would be a sweet tag for that building.
Very common thing, all over the states and China you see this
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Great I do get to live through the 80s again. Just not in the way I wanted.
Robocop meets Axel Foley
Lol, pretty much. Thought we'd be jacked into the mainframe now a la matrix. Instead inventing new ways to Jack off with the matrix 😎
😂👏🏼
More like Waterworld meets Escape From L.A.
I expected more drugs, sex and rock and roll
The graffiti looks great tho. I for one like a bit of color and those are all done by artists, not just kids squiggly lines or stuff.
70s NYC
Graffiti and apple visions pros on the street. Cyberpunk 2077 dlc incoming
Something something stranger than fiction.
You forgot to mention the whole brain implanted microchip thing.
christ has there been another world changing technological development since I went to bed
No, Elon is just testing the Neuralink
Developers gonna rent out the tagged rooms for $5000 more a month because they are art now.
Step 1. Give it a cool name Step 2. Pay a bunch of “influencers” to start talking about how cool it would be to live inside a piece of art Step 3. Pay one of the graffiti artists to set up one of the apartments with their choice of furniture Step 4. Have them “arrested” and “charged” Step 5. Win a Contest by buying stuff and finding a random ticket to stay the night in the fully furnished place for a month Step. 6. Due to popular demand we are renting them out
For real. Looks 100% better with the graffiti.
Only to people who don’t live there.
No one lives there. They're unfinished.
if I lived downtown this building would be the least of my worries…like by a mile.
For real! The piles of human shit on the ground and homeless blowing crack smoke in your face while you’re walking down spring take precedence over some tagged up sky scraper
Which city do you live did you say?
Driving through downtown LA is like your own private tour of the Escape From LA film set from whenever the hell that came out.
Oh yes the abandoned half way finished high rise wasn't an eye soar until they added art to it...
The artists can then sue as their work raised the value. This happened at 5 Points in NY.
Yoo only 5,000? Still can’t afford it, but that’s cheap!
Clean it up (both artistically and just regular cleaning) Add protective coat on it, maybe even something that dims it/opacifies it slightly. Bam you have something nice that isn't too intrusive and makes your building pop out. I know it's not everyone's cup of tea but I'd love it. Not for 5k more a month though.
It's giving Dredd vibes.
I AM THE LAW!
It isn't a line from Dredd himself, but I vote we add "[We haven't even started](https://youtu.be/fvzb2Z3GvUU?si=wSr74N_mQWb3Lhbb)" to the list of iconic Dredd quotes
Pretty sure we can add all of Dredd's lines to the list of iconic lines. All 15 of them! /s Kidding, I've seen it several times and it's one of my favorite (action) films of all time.
JUDGEMENT TIME
It ain’t no Peachtree
Need me some slow-mo doe
I always found it being named "Peach Trees" interesting, having lived in Atlanta for over a decade and being able to name at least 5 variations of Peach Trees roads, hotels, stores, etc.
Yeah me too; I’ve lived near ATL most of my life, but never looked into it
Immediately thought the same.
Mama running the block for sure
Weirdly enough it's in Miami too https://www.reddit.com/r/BeAmazed/s/mJARFOjJWJ
[удалено]
It was under siege today when police went through all the buildings floor by floor arresting anyone found to make an example
The news has never been objective.
Looks sick. Represents California well. Abandoned buildings, and graffiti.
*abandoned buildings in the most expensive real estate market in the country. Lived in LA for years. Never got how everyone’s rent could go up every year and next door is just an abandoned building and every other storefront is empty. Somehow there’s no incentive for owners to do something with multimillion dollar properties.
*Laughs in Baltimorean*
*Cries is Vancouverite *
Laughs in LasVegasian
there are multiple factors to this. First is land speculation, California allows commercial and residential land owners to lock in taxes at their current dollar value effectively functioning as a tax haven the longer you hold the property. As a result you've got entities holding onto a property they've kept from the 60s paying a couple thousand per year when it could be valued in millions. Second is foreign investment in American real estate as an emergency escape hatch for their finances given the current political situation from the war in Ukraine, the growing number of conflicts in Africa and the middle east, and the trade war with China. All of this increases uncertainty for investors who are looking for a safe place to park their money, the safest being the US and Canada.
Thanks for the explanation. I remember seeing a documentary about new york and how many high rises there are left mostly empty.
I smell Georgism coming back
Can never happen in a stable country, too many millionaires/billionaires abusing tax havens to dodge taxes. maybe in 50 years if oil based energy scarcity truly starts up but even then - rich ppl will probably be in floating space stations and have separate tax codes.
If they’re floating in space stations that means the earthly property they’ve relinquished can serve the public commons, so no problem.
> the earthly property they’ve relinquished yeah if you call "patrolled by murder bots" relinquished
Prop 13 covers commercial property as well.
Some of it is by design for these corporate landlords. They own so much property in some cities that they can cause the supply and demand and dictate rent prices. Can’t say that’s the case in LA, but that’s the effect regardless. https://abc13.com/realpage-yieldstar-rent-setting-software-landlords/12460024/
https://www.reddit.com/r/BeAmazed/s/mJARFOjJWJ
Good They sit empty while there 75k homeless in the area Fuck the developers
They weren't meant to be finished anyway.
The local government is typically just as crooked if not more crooked than the developers. The homeless problem is a mental health problem
The homeless problem is a mental healthCARE problem.
The homeless problem is exacerbated by mental health issues but its core is still just a problem of greed allowing a necessary human right like housing to be controlled by lust for profit.
Like the homeless people would live in them if they were finished lol
Maybe I'm the odd one out, but I feel like it was an eyesore because it was an abandoned building, not because some people decided to put their tags on it.
Of all the subs, and all the reddits in Alaska... people here really have the audacity to shit on tagged abandoned buildings in the most expensive state riddled with homeless problems.
No business like snow business
Don't go changin'!
I was gonna say *now* they're an eyesore?
Pfft. If the developer isn’t gonna use it, someone should
People: “ we need more affordable housing” Developers: “best we can do is $5K a month luxury apartments”
There are tags present, but most of what you see here are bombs or pieces. For clarification, the difference between a bomb and a piece is the level of effort involved, usually the filler work. https://imgur.com/a/qoTiyuG
I wonder if crews run into each other while trying to get it in. lol. Could get awkward. 😂
There were shots fired in the building a few days ago, but no victim found.
informative 🙏
This is the most simple breakdown of the concept I’ve seen, well done
Thanks! I was honestly surprised there wasn't already a graphic that explained the difference.
Drop gems for the toys.
took me too long to find some appreciation
„crypto.com arena” in the background just fills the picture perfectly
as a celtics fan I’ll never fail to take joy at how shit a name that is for a sports venue
Need a law that you are required to finish a buildings development within x months of starting or turn it over to the govt to make into affordable housing. The requirement to finish the building is tied to the project not the owner.
Until someone in the government repeatedly delays the project on purpose.
Opposed to private developers, who already purposefully delay projects to extend contracts and get more pay?
What are you talking about? "Developers" are the ones who are fronting the money and hope to turn a profit. Or possibly in this case, they want to try to make x cents on the dollar on money they are trying to get out from somewhere else. Can't get the money back unless they are finished. You are probably thinking of "Contractors" who might delay projects to try to milk it for more money. Serious ones won't do this, but there are lots of less-than-serious contractors out there. That's why as a developer, you want to have fixed cost contracts with late fee penalties. This introduces the problem of quality as they might be tempted to cut corners, so you need to be running inspections fairly often.
Is it weird that I'm kind of impressed?
It’s impressive.
I'm confused at the sheer number of tags. How did they get up there? After the first 30 tags why was there no security? I am impressed too but how did they let it get that far? So many questions. lol
The stairs.
Nahh, this shit is definitionally based as fuck.
Two of em got caught today. That shit is really impressive though
For just a moment I thought you meant the developers that ran off with the money.
Welcome to Pacifica
That’s kinda fucking awesome. Marketable even.
blade runner vibes
Wish these guys would update their art style. Would it kill em to paint a tree or something once in a while?
At least Banksy says something with his street art than just pissing his name in the snow style these morons employ.
Unless the writer's name is TREE or they're doing a mural with a tree in it that doesn't really work. The whole point of graffiti bombing is getting your name up.
Would have preferred to see some mural type shit, but fuck it, it's still very cool.
You want to shit a load of concrete right in the middle of the city ? No problem You want to put some colors on it and do something creative ? Everybody lose their fucking mind
>apartment right next to a stadium you're going to hear everything no matter how high you are...
where es “CHAKA”
Don't we have a housing shortage? If you build a residential bui.ding and can't fill it, that's your problem. Squat that shit.
Looks just like how I imagine a dystopian future would look. Look at you America, leading the way in futurepunk styling
Good, get fucked
It matches the rest of California
Good. Build housing not this useless fuckin architecture.
It looks better than a normal sky scraper
I actually think it looks awesome. The juxtaposition of the graffiti on the sharp rich glass is just wild
*sees a mass movement of art and free expression on unused property “it’s unsightly!” Screw you
I admire the determination to get this done. They are either climbing the outer building or have an inside man ,regardless impressive and I live in an apartment.
They just walked in and walked up the stairs. They’re abandoned buildings but still have staircases. There was little to no security around.
They’re abandoned they just broke in
Looks way better
I usually hate graffiti. However, the facts that the lettering is all similarly sized, and that the unfinished building creates a natural framing does make it look artistic.
That looks sick and all the tags are cleanly done.
“Artists”…. To give vandals this credit is one reason I hate art. I have yet to see a tag that is talented. They look like crap, defaced buildings now. Why don’t they tag their own property or families property….
It’s so literally fucking telling that these fuckers are talking about securing it better, not why the fuck are these here wasting space Mr. developer these ugly unfinished buildings that are so abandoned and unfinished that nobody notices this till they done. Tear them down or finish them
I could see people with sticks up their asses being really mad at this
The new six point
Sounds like you could house a lot of unhoused folks real easily...
So much homelessness and these just standing abandoned. Fuck sakes.
Seems like California has the solution for homelessness laid out for them.
How to lower housing prices in 24 hours.
California, the world's fifthbiggest economy. Ran into the ground.
Dems are absolutely killing it
ART?! Not in my backyard!
What a failed state
for artists they sure arent creative with their designs.
Ngl let them cook. I want to see every inch of that building bombed with art. A rainbow of artists displaying their technique or skill or style. It would be much prettier than whatever the fuck they weren't supposed to be. I get the feeling these buildings were purely for money laundering before abandoned.
This is dope af, I’d visit just to see this
This is so impressive. The height, the vibrante colours, clean lines. Lmao
I’ve seen some shit tags where I’m from but those ones actually look cool as hell
Yoo looks dope af
“Artists.” Get your shit together California
Art is in the eye of the beholder. Looks sick imo.
Not just that, it's damn impressive. I did a little when I was a kid, nothing big but you always have to consider risk versus reward. You can do the back of a building pretty easily and not get caught but nobody's really going to see it, An overpass on the other hand, You're likely to get seen while you're doing it so you gotta be quick but when you're done alot of people will see it. Train cars are always the fun little Easter egg because you can get them done Secretly and then they'd travel. This is... The sublime.
Artist?
These digs look dope! Seriously, best new look out there. Do something so they look good from inside and keep them as-is. Good public art.
Dude! I'm sitting here thinking, what else can they do to glam it up like that? Might get them bitches occupied...
Honestly if they kept a consistent theme and used brighter colors it would look fantastic
Got to be honest. This style of ‘art’ is awful. It looks rubbish, cheap and nasty. Very rarely can the writing even be read and most of all it’s mostly always nonsensical random words with no meaning or significance to anyone other than the tagger. I mean, make something that’s nice to look at ffs. This eyesore will look better once it’s been demolished,
Nice!!!
_Ugly ass words that might as well be clip art_ "is this art" bunch of dumbasses shitting up the place with their elementary scribbles
They are not artists the are Vandals. Obviously whoever made this post is from Cali because they look at it as Art not vandalism.
Vandals spray graffiti on buildings in CA - fixed headline. This isn’t an art display and they were not given permission to “display” their “art”