The city of Santa Monica in California is constructing a new apartment building for the homeless, which sounds smart, until you find out that the cost is going to be one million per unit.
How can the cost run this high? Are they going to be luxury units? Or is it possible that lots of people have their hands out in this project and are getting wealthy in the process?
The cost just doesn’t make sense.
Breitbart News reports:
Santa Monica to Construct $1M Per Unit Apartment Building for Homeless
Santa Monica, California, is preparing to construct an apartment building for the homeless that would cost roughly $1 million per unit.
The apartment building, which will be built in Santa Monica and will be home to “122 apartments” and two levels of underground parking, will cost more than $123 million, according to the website for the City of Santa Monica.
A second design concept on the website found that the project could cost even more, totaling more than $200 million for 196 apartments.
“Moving forward in bringing affordable and permanent supportive housing to city-owned land is a key step in our strategy to fulfill our Housing Element requirement,” Santa Monica Mayor Phil Brock said in a statement. “I look forward to the next steps and ultimately seeing families move into these new homes and thrive.”
Construction on the apartment building would not begin until 2028, with the project estimated to be completed for residents to move in by 2030, according to the city’s website.
So not only is the project ridiculously expensive, it’s going to take years to complete.
The city of Santa Monica has approved a new apartment complex for the homeless that will cost a staggering $1 million per unit. The $123 million project will include just 122 units. It was approved days after an audit found California spent $24 billion to tackle homelessness…
— Bill Melugin (@BillMelugin_) April 23, 2024
Cherry on top: According to the city, construction won’t begin until 2028 and move ins aren’t expected until 2030.https://t.co/1sOO6sYWHg
— Bill Melugin (@BillMelugin_) April 23, 2024
Anyone want to bet that the building ends up costing way more than the city is projecting?
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