LUXURY to RUIN_ The COLLAPSE of Beverly Hills-USA
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#LuxuryToRuin
#BeverlyHillsCollapse
#FromGlamToGrit
#BeverlyHillsDownfall
#TheFallOfLuxury
#WealthToWasteland
#BeverlyHillsUnraveled
#CollapseOfOpulence
#RichesToRags
#LuxuryInDecline
.
.
#LuxuryToRuin
#BeverlyHillsCollapse
#FromGlamToGrit
#BeverlyHillsDownfall
#TheFallOfLuxury
#WealthToWasteland
#BeverlyHillsUnraveled
#CollapseOfOpulence
#RichesToRags
#LuxuryInDecline
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TravelTranscript
00:00Beverly Hills is practically synonymous with wealth, opulence, and Hollywood. From the
00:05Beverly Hillbillies to Beverly Hills 90210 to the Real Housewives of Beverly Hills, the
00:10town is nothing short of iconic. But despite all of this, it's not immune to the overall
00:15problems that are plaguing California. Some are natural disasters, some are just disasters,
00:21while others involve the politics. Although it's often regarded as a suburb of Los Angeles,
00:26it is actually a city in its own right, with a population of 32,700.
00:31The area now known as Beverly Hills was originally inhabited by the Tongva people,
00:36a Native American tribe. They called this land the Gathering of the Waters,
00:40referencing the region's plentiful springs and streams. And for anyone who's been keeping up
00:45with the news, you know that water is a scarce resource in the deserts of Southern California.
00:50In 1906, the Rodeo Land and Water Company was formed by a group of investors. The company
00:56hired an architectural firm to design the new town, which was named Beverly Hills after Beverly
01:01Farms in Massachusetts. The next year, the first home was constructed. Almost from the start,
01:07the area attracted a highfalutin crowd. Adding to that its proximity to Hollywood,
01:12and this made Beverly Hills a desirable location for movie stars and industry executives.
01:18But what happened to the once symbol of grandeur? Why has it declined from its former glory?
01:22In this video, we'll look at the top nine reasons that have pushed Beverly Hills
01:27into a downward spiral. Number nine is the inability to turn real estate.
01:31The real estate market in Beverly Hills, like many other luxury markets,
01:36has been sensitive to the economic downturns. Recessions, such as the one in 2008,
01:41led to a decline in property value and a slowdown in the real estate market.
01:45High-end properties became harder to sell, and some developments were put on hold or abandoned.
01:51Add to that the pandemic and the current interest rate, and these expensive houses
01:55just aren't moving. With interest rates soaring over 7% unless you're paying in cash,
02:01not many people are willing to pay that high of an interest rate on such an expensive property.
02:06This is the exact opposite of a homeowner's dream in Beverly Hills.
02:10Number eight is the population stagnation, as well as the aging of its long-term inhabitants.
02:15The population of Beverly Hills has been on the decline, and its residents have been aging,
02:20with many long-term residents choosing to stay. The turnover rate of properties is low,
02:25potentially leading to an aging population without the influx of younger residents to
02:30rejuvenate the community. The average age in Beverly Hills is 47 and a half,
02:35which is 11 years older than the city of Los Angeles. Compare that even further with Saratoga
02:40Springs, Utah, a suburb of Salt Lake City, where the average age is only 22. Younger people simply
02:47cannot afford to live in Beverly Hills. Adding to that is the fact that the younger generations
02:52seem to place a higher value on diversity, both economic and racial, something that Beverly Hills
02:58cannot offer. Number seven is environmental sustainability. Concerns about sustainability
03:03and environmental impact are becoming more prominent. With its large estates and resource
03:08consumption, it faces challenges in aligning with broader environmental goals and sustainability
03:14practices. The city is currently in a water conservation stage C and has been since 2017.
03:20This means residents could only water their lawns two days a week from October to May,
03:24and three days per week from June to September. Like much of California,
03:28water is a precious, limited resource, and all of the Beverly Hills' riches