Apartments for the homeless in Los Angeles could cost more than a half-million dollars each to build

Mar 2019
1,912
1,292
Texas
USA Today reported Tuesday that apartments for the homeless in Los Angeles which received more than a billion dollars in funding three years ago have yet to be built, and when they are built, each one will cost about as much as a private family home.

Nearly three years after Los Angeles voters approved $1.2 billion in housing for the homeless, LA has yet to see a single building completed.

Each apartment costs an average of $531,373 to build, which exceeds the median price of a market-rate condo.https://www.usatoday.com/story/news/nation/2019/10/08/los-angeles-la-california-homeless-shelter-housing-apartments-condos/3882484002/ …




Some of Los Angeles' homeless could get apartments that cost more than private homes, study finds
Some of Los Angeles' homeless will get apartments that cost more than $600,000. Without a change, LA will have to build thousands fewer apartments.
usatoday.com




347


1:06 PM - Oct 8, 2019


At an average cost of $531,373 per unit — with many apartments costing more than $600,000 each — building costs of many of the homeless units will exceed the median sale price of a market-rate condominium. In the city of Los Angeles, the median price for a condo is $546,000, and a single-family home in Los Angeles County has a median price of $627,690, the study states.

Prices rose dramatically because of higher-than-expected costs for items other than actual construction, such as consultants and financing. Those items comprise up to 40% of the cost of a project, the study found. By contrast, land acquisition costs averaged only 11% of the total costs.


Higher-than-expected costs, huh? "Consulting and financing" make up 40% of the cost


The citizens of that dumpster fire deserve the government they voted for.
 
Jun 2014
62,381
36,992
Cleveland, Ohio
USA Today reported Tuesday that apartments for the homeless in Los Angeles which received more than a billion dollars in funding three years ago have yet to be built, and when they are built, each one will cost about as much as a private family home.

Nearly three years after Los Angeles voters approved $1.2 billion in housing for the homeless, LA has yet to see a single building completed.

Each apartment costs an average of $531,373 to build, which exceeds the median price of a market-rate condo.https://www.usatoday.com/story/news/nation/2019/10/08/los-angeles-la-california-homeless-shelter-housing-apartments-condos/3882484002/ …




Some of Los Angeles' homeless could get apartments that cost more than private homes, study finds
Some of Los Angeles' homeless will get apartments that cost more than $600,000. Without a change, LA will have to build thousands fewer apartments.
usatoday.com



347


1:06 PM - Oct 8, 2019


At an average cost of $531,373 per unit — with many apartments costing more than $600,000 each — building costs of many of the homeless units will exceed the median sale price of a market-rate condominium. In the city of Los Angeles, the median price for a condo is $546,000, and a single-family home in Los Angeles County has a median price of $627,690, the study states.

Prices rose dramatically because of higher-than-expected costs for items other than actual construction, such as consultants and financing. Those items comprise up to 40% of the cost of a project, the study found. By contrast, land acquisition costs averaged only 11% of the total costs.


Higher-than-expected costs, huh? "Consulting and financing" make up 40% of the cost


The citizens of that dumpster fire deserve the government they voted for.
The article really doesn't explain why the costs are so high.

Homelessness is such a terrible problem. I wish LA would build homes here in Cleveland and offer them as inducements to move here, along with whatever other support these people need.
 
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Dec 2014
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The Milky Way
What the hell kind of apartments are they talking about? Leftist government at work (or not).
 
Oct 2018
1,732
1,499
WonderfulOregon
Apartments

One would have to know how many units the apartment would hold.

Certainly when deciding how to confront this problem, people know you had to get the most bang for your buck....so up up up would be my guess.


Oh...I looked it up


LA gearing up to spend $336M to build 2,998 apartments for homeless residents
Sep 19, 2019

 

HayJenn

Moderator
Jul 2014
71,546
62,204
CA
No doubt CA has a lot of "regulatory" loopholes to go through on any given project.

I'm thinking that a lot of developers just are not that interested, so there is that. It has also been "stalled" by lawsuits.

Maybe they should go this route instead. Seems like these are popping up all over LA

The other evening, I visited Eddy, a new co-living complex in Hollywood. Tucked away on a residential block that used to be all bungalows, it has the styling of a hip boutique hotel. People carry branded metal water bottles that say “Live. Dream. Connect.” The gym has a Peloton bike. Butterfly chairs encircle the backyard fire pit. In the co-working space, from a vending machine, you can grab a grain bowl or overnight oats.

Each of Eddy’s four-bedroom furnished apartments has a gleaming kitchen with a big island and professional-grade stainless steel appliances. In the spacious living room, the custom-made sectional is deep, perfect for sinking into for a movie on the large flat-screen TV. For rents that top out per person at $945 a month, the luxe of it all seems astounding.

But here’s the catch: Each single-sex unit is designed to accommodate 18 men or 18 women. Each diminutive bedroom with its private bathroom: four to six adults in small, stacked rectangular spaces called “pods” just wide enough for a mattress and high enough to sit but not stand on top of it.

Space-maximizing pod housing makes up a tiny part of the city’s overall housing mix, but it quietly is popping up in neighborhoods all around Los Angeles right now. It may well have moved in somewhere near you so discreetly that you don’t even know. In the middle of an affordable housing crisis, it’s easy enough to understand why what was once aimed mostly at short stays — tourists, new transplants — is now also being taken up as a long-term housing option.

 
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CtC

Mar 2019
10,562
3,686
California
The article really doesn't explain why the costs are so high.

Homelessness is such a terrible problem. I wish LA would build homes here in Cleveland and offer them as inducements to move here, along with whatever other support these people need.
High? Because it is CommieFornia.
 
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HayJenn

Moderator
Jul 2014
71,546
62,204
CA
The article really doesn't explain why the costs are so high.

Homelessness is such a terrible problem. I wish LA would build homes here in Cleveland and offer them as inducements to move here, along with whatever other support these people need.
High cost to live in many areas of Ca...including LA - supply and demand.

Sigh.