Thursday, June 9, 2016

"How Arcadia (in Los Angeles) Is Remaking Itself As A Magnet For Chinese Money"

LAT:

Prices in Arcadia are up more than 39% from their peak in 2007 before the housing downturn. The city, now 60% Asian, has become more expensive than Calabasas, the suburban enclave that is home to Justin Bieber and the Kardashians. It's become known as the "Chinese Beverly Hills."

What's happening in Arcadia is less about big new houses and startling sales figures than how new patterns of immigration are transforming the architecture of Southern California. New arrivals from China are not victims of change, as they were when Southern California's original Chinatown was razed in the 1930s to make way for Union Station.

This time around they're the ones with the economic power. The architectural landscape is being remade not to displace them but as a magnet for their money.