L.A. budgets $430 million to help homeless, most of it long-term debt
http://documents.latimes.com/2018-pr...sing-projects/
http://hcidla.lacity.org/sites/defau...aff_report.pdf
L.A. County now has 58,000 homeless people. So why are there thousands fewer shelter beds than in 2009?
The initial construction blueprint for measure HHH shows that Los Angeles on constructing 1,242 apartments at a cost of 732 million or about $589,000 per unit.
With the 1,242 units they will be able to house around 5% of the homeless population. But the homeless population growing at 6,500 per year and escalating rapidly or well over 10% a year.
One building at 433 Vermont is projected to cost $48 million for just 72 units of housing or around $666,000 per unit.
Odd, how they are spending 732 million for 1,200 units of housing when they have 58,000 homeless.
Basically, for 732 million in construction spending for homeless and low income housing they will be able to house less than 5% of the current homeless population that is sky-rocketing every day.
The other interesting thing is that Los Angeles intends on utilizing long-term debt at high interest rates for social services. In the past it seems like nearly all long-debt that cities went into was infrastructure and now it is used for just general expenses.
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