Beverly Hills' elite often prefer to 'buy and demolish'

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There is what The Los Angeles Times terms a “real estate ethos” to “buy and demolish” in Beverly Hills, Calif., that has led many of the ultra-rich to knock down extravagant, historic homes to build even more extravagant ones.

The city has responded by enacting an ordinance that has designated 14 landmarks and tax breaks that cultivate neighborhood preservation, according to the L.A. Times.

Source: Los Angeles Times