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Buying as ‘Tenants in Common’ Could Change LA Housing Market

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TICs could change LA’s housing market—for and better, and worse

(CurbedLA) — 1920s bungalows in Echo Park that were converted to tenancy in common units. Aisling Swindell was paying so much for rent last year—$2,100 per month to live in a studio in Downtown LA —she figured she might as well buy a place.

“The house I ended up buying was $440,000, which is insane, right?” says Swindell, who works for an online fashion company.

That price tag, which is $178,000 below the median in LA County, sounds unbelievable, especially for what it bought her: 870 square feet in the city, plus a little yard, lots of natural light, some stylish updates, and charming, 1930s-era details, like wainscoting and solid wood doors.

But while she’s no longer a renter, she still doesn’t, technically, own a house.

Her $440,000 bought her a share of a larger property: a triplex on an 8,344-square-foot lot in Jefferson Park . Her right to occupy the unit, and her responsibility for maintaining it, are spelled out in a contract with her neighbors, who live in the triplex and, with her, are its joint owners.The ownership […]

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