The conclusion I came to was that there’s no magic wand, and the only “real” solution is more housing. LA is a very desirable place to live, and the city has failed to deliver on the necessary new housing to economically support the demand.
Less passively, current property owners have successfully lobbied the local government to increase the value of their properties.
This is especially potent in California where Prop 13 heavily favors long-time owners. If you stand to make a fortune when you retire and are going to pay very little until then, you’re probably going to be in frequent contact with your elected officials.
Inplement a small annual fee on the parcel based on market rate and watch the vacant housing appear back on the market in the blink of an eye.
You can't clear the housing market without this. Instead of supply/demand dynamic you get a Greater Fool dynamic on the market.
When one factors in that this situation is decades in the making and present across most of the Western world, I would argue the political interest is in looking out for home owners, not starters, both in sheer voter numbers and the politicians' own group membership.