Not to build housing for the homeless

To much balllyhoo, Los Angeles, earlier this year, announced a $1.2bn public funds project to build 10,000 new apartments for the homeless. It's not turning out well.  Silicon Valley politicians should take note. Zach Weissmueller reports in Reason.

Advocates are now watching in frustration as roadblocks drive up the cost of the city's "housing first" efforts, while cheaper, faster solutions congeal on the back burner.

L.A. initially estimated the permanent units would have a median cost of $350,000 a piece--not cheap to begin with. Three years later, the estimated cost has increased to more than $500,000 per unit with some units approaching $700,000 (The median price of a condo in Los Angeles at this writing was $581,000)

Read the whole thing at www.reason.com

Follow Opportunit Now on Twitter @svopportunity.