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.

Wow, that’s not reminiscent at all of the state’s high-speed rail fiasco.

USA Today reports:

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?

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.


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