Tech Money Causes Waves on Silicon Beach

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Financial Times

By Vincent Blevins

Venice Beach is no longer the cheap and funky community of artists, surfers and blue-collar workers that architect Mark Mack moved into some 25 years ago.

One sign of the changing times, he says, was when he first saw maids using his tiny street as extra space in which to iron the clothes of the owners of its small houses.

“But the people arriving now are even richer,” he says, and many of those houses have been replaced with huge properties on tiny lots. The most obvious newcomers are the young, well-paid tech employees. And then there are all the empty houses.

“I don’t know where they live,” Mr Mack says, pointing out of his living room across a small Venetian-style canal to a house purchased recently as an investment or vacation home. “But they don’t live here.”

Read more at http://www.ft.com/intl/cms/s/0/615907fe-6def-11e5-8171-ba1968cf791a.html

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