A few months before 9/11, when I first moved to downtown Los Angeles, the city’s high rises teemed with lawyers and bankers. The lights stayed on late ”” a beacon of industriousness. But as I quickly discovered, they rolled up the sidewalks by sundown. No matter how productive and wealthy its workers, downtown was a ghost town. LA’s urban core was no place to raise a family or own a home. With its patchwork of one-way streets and expensive lots, it was hardly even a place to own a car. The boom of the late 1980s and early 1990s that had erected LA’s skyline had not fueled residential growth. Angelenos who wanted to chase the dream of property ownership were effectively chased out of downtown.
But things change. Last month, I moved back to “DTLA,” as it’s now affectionately known. Today, once-forlorn corners boast shiny new bars, restaurants, and high-end stores. The streets are full of foot traffic, fueled by new generations of artisans, artists, and knowledge workers. They work from cafÃ©s or rented apartments, attend parties on hotel rooftops, and Uber religiously through town. Yes, there are plenty of dogs. But there are babies and children too. In a little over a decade, downtown’s generational turnover has replaced a faltering economy with a dynamic one.
What happened? Partly, it’s a tale of the magnetic power possessed by entrepreneurs and developers, who often alone enjoy enough social capital to draw friends and associates into risky areas that aren’t yet trendy. Even more, it is a story that is playing out across the country. In an age when ownership meant everything, downtown Los Angeles languished. Today, current tastes and modern technology have made access, not ownership, culturally all-important, and LA’s “historic core” is the hottest neighborhood around. Likewise, from flashy metros like San Francisco to beleaguered cities like Pittsburgh, rising generations are driving economic growth by paying to access experiences instead of buying to own.
Read it all (emphasis mine).