February 26, 2007
Today, marina rents are among the highest in the county. Last year, average monthly rents in and around the marina topped $2,300 and were second only to Santa Monica among the county's largest rental communities, according to RealFacts, a firm based in Novato, Calif., that surveys rents at complexes with 100 or more units.
Without more affordable homes, the Westside and other areas could end up being beyond the financial reach of many employees and cause some local businesses to move, said Stuart Gabriel, chairman of USC's Lusk Center for Real Estate.
Gabriel said the need is so great that adding a few affordable units in the marina amounts "to pouring a glass of water into the Santa Monica Bay."