Santa Monica, California, plans to build a new housing complex for the homeless. Unfortunately, each unit will cost one million dollars.
Californians have many questions. One of them is why the price is so exorbitant.
The City of Santa Monica’s website shows that the construction cost of the 122-unit apartment building with two levels of subterranean parking would exceed $123 million.
The project’s estimated cost could potentially range from $ 123 million to over $ 200 million for 196 units, according to different design proposals.
In a statement, Santa Monica Mayor Phil Brock emphasized the need to deliver inexpensive and permanent supportive housing on city-owned property as a crucial step in meeting the Housing Element requirement. He claimed to be very excited about the idea of watching families flourish in their new homes.
Back to the Santa Monica website, officials claimed the apartment complex is not scheduled to start construction until 2028 and is expected to be finished by 2030.
The housing project in Santa Monica follows a study that revealed Governor Gavin Newsom (D) and his Democrat government wasted 24 billion dollars in public funds since 2018 in the state’s alleged efforts to combat homelessness.
Understandably, people wonder if housing complex will be a loss, too.
The report produced by the state auditor of California attempted to account for the manner in which the funds used to fight homelessness in the state were dispersed between the years 2018 and 2023. Various gaps were discovered in the report.
Grant Parks, the lead auditor, said the California Interagency Council on Homelessness (Cal ICH) has not been monitoring or reviewing the state’s efforts to prevent and reduce homelessness in a consistent manner.
Located on California’s coast, Santa Monica has around 90 thousand residents.
Home prices in Santa Monica are among the most costly in California and frequently rank among the most expensive in the country.
