As Twitchy reported earlier, California Gov. Gavin Newsom lectured President Trump on electric cars, just as PG&E was shutting down power to 500,000 customers. But that’s pretty much business as usual in California.
USA Today reported Tuesday that apartments for the homeless in Los Angeles which received more than a billion dollars in funding three years ago have yet to be built, and when they are built, each one will cost about as much as a private family home.
Nearly three years after Los Angeles voters approved $1.2 billion in housing for the homeless, LA has yet to see a single building completed.
Each apartment costs an average of $531,373 to build, which exceeds the median price of a market-rate condo.https://t.co/iFUdLRaeub
— Michael Hendrix (@michael_hendrix) October 8, 2019
Wow, that’s not reminiscent at all of the state’s high-speed rail fiasco.
Nearly three years after city voters approved a $1.2 billion construction program over 10 years, the city has yet to see the first building completed. Average per-apartment costs have zoomed more than $100,000 past prior predictions, the study by city Controller Ron Galperin finds.
At an average cost of $531,373 per unit — with many apartments costing more than $600,000 each — building costs of many of the homeless units will exceed the median sale price of a market-rate condominium. In the city of Los Angeles, the median price for a condo is $546,000, and a single-family home in Los Angeles County has a median price of $627,690, the study states.
Prices rose dramatically because of higher-than-expected costs for items other than actual construction, such as consultants and financing. Those items comprise up to 40% of the cost of a project, the study found. By contrast, land acquisition costs averaged only 11% of the total costs.
Higher-than-expected costs, huh?
"consulting and financing" make up 40% of the cost. 🧐
— Justin (@JustinLawGuy) October 8, 2019
I'd like to see a breakdown on the costs.
— Defiance Lady (@defiance_lady) October 8, 2019
Ba ha ha ha. The citizens of that dumpster fire deserve the government they voted for.
— Mr. Bad Example (@RTirk) October 8, 2019
Is there a single government contract system that isn't completely corrupt?
— 🆘 אני צריך הירוק (@JonBrouQ22) October 8, 2019
— Michael McGivern (@McGive_It_To_Me) October 8, 2019
In Seattle homelessness has become an industry. Millions of tax $ ends up in hands of family friends and donors of politicians and govt officials. The more tax $ they spend on homelessness the worse the problem gets. If they really wanted to solve the problem that wouldnt happen
— Andrews Dad (@Andrew_Dad) October 8, 2019
Same in SF.
And the drug dealers flock near the shelters where they can deal to their best customers.
— Amanda Fawkes (@amanda_fawkes) October 9, 2019
Its California. It take the 10 years to build a bike lane two blocks long
— mishmashmisty (@mishmashmisty) October 9, 2019
What an absolute waste of taxpayer money. Building apartments for more than their market rate sales price is peak government.
— Jon K (@jonk2525) October 8, 2019
It’s almost as if the economics of building sustainable affordable housing are quite different than building market rate housing. Oh, wait, we’ve been saying that for years. But please keep asking why apples don’t peel the same as oranges.
— Michael Massie (googleable) (@michaelmassie) October 8, 2019
how california democrat crony corruption works
— Madam Margaret (@teragramus) October 8, 2019
Was anyone expecting a different outcome?
— Klerkin (@ArthurS05387768) October 8, 2019
That’s almost double what they should cost
— LEviscerated [OG Account] (@JackManeJr31) October 8, 2019
A new-build 2BR apartment should be built for about $200K with $500 in monthly maintenance for long-run break-even rents of about $1450/month.
— afai sfhjnkn (@poiThePoi) October 8, 2019
This is pure insanity!!!! Voters wake up!
— The Lone Cypress (@nixpix101) October 9, 2019
Meanwhile, those who aren’t homeless and are employed are paying $1,400 to $2,400 a month to live in adult dormitories with shared kitchens and bathrooms or renting bunk beds for $1,200 a month in something called a PodShare.
Move over, shipping container apartments, and make room for PodShare https://t.co/MGHgdNG4VH
— Twitchy Team (@TwitchyTeam) September 11, 2019