End of WGA strike begins slow thaw for residential market
Los Angeles real estate might get a reprieve from one of the factors depressing sales in a tough year for home resales.
The Writers Guild of America made a tentative deal Sept. 24 with Alliance of Motion Picture and Television Producers to end its nearly five-month labor strike. While striking writers reportedly celebrated Sunday night, real estate agents who represent them, such as Steve Clark of Backbeat Homes, said residential agents are on hold until they can breathe easier.
“We’ve been waiting for this news to come,” said Clark. Entertainment clients are a focus at Backbeat. “But it’s not like the auto industry, when striking workers come to an agreement, factories open the next day,” he added.
Clark said there may be a lengthy wait before entertainment-industry clients start shopping for homes again. He forecast mid-2024 as a time when his film and TV clients may feel confident returning to the market.
New content must be shopped around and produced before anyone gets paid. TV shows and films that went on hiatus have to finish production.
Meanwhile, a significant portion of the entertainment business is continuing its work stoppage. Screen Actors Guild of America, a much larger union than WGA with 160,000 members, remains on strike.