Some of the homeless in Los Angeles could get apartments that cost more than private residences, report claim
Some of the homeless general United Sta Los Angele
Los Angeles, United States Of America
LOS ANGELES–Having made a deep financial promise to build housing for some of its twenty seven people were homeless; Los Angeles is falling short in building new apartments to take thousands of people off the streets, according to a new study.
Nearly 3 years after city voters approved a $1.2 billion construction program over 10 years, the city has yet to see the first building completed. The average cost per apartment has jumped over $100,000 past predictions according to a report by city controller Ron Galperin.
"To create a greater impact now and in the future, the city must make some quick changes to its approach Galperin said in his comments via email."Los Angeles needs to figure out how to make development costs lower and timelines quicker."
At an average cost of $531,373 per house–with many apartments costing more than $600,000 each –the building costs of many of the homeless units would exceed the average market value of the condominium. In Los Angeles City, the median price of a condo is $546,000, and a single-family home in Los Angeles County has a median price of $627,690, as per the study states.
The Trump government didn’t offer clear-cut solutions to poverty in Los Angeles, as the Secretary of Housing and Urban Development visited the Skid Row shelter and called for teamwork among federal, state and local governments. AP, AP (September. 18)
Prices increased significantly due to higher than expected costs of items other than actual construction, such as consultants and funding. Those items comprise up to 40% of the cost of the project, the study found. On the other hand, land acquisition costs averaged only 11 per cent of the total costs.