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Where Is The Money to Tackle the Root Causes of Homelessness?

Dear Editor,

As a real estate investor aware of building costs I am absolutely appalled at the fact that the city is spending $590,383 per unit for studio apartments! ("Santa Monica Approves Loan to Build Homeless Housing," October 8, 2020).

This is $1,180 per square foot. In the free market, these units would cost well less than half of what the city is paying.

These deals are clearly just campaign dollar repayments for “not for profit” developers who clearly have a giant markup. The city of Santa Monica has gotten so corrupt and is controlled by the housing Illuminati of Santa Monicans for Renters' Rights (SMRR) MRR and the Rent Control Board.

When are home owners in this city going to realize that their hard earned money gets paid as property taxes so that developers can get rich. This money should go to schools, public works, etc.

Also, where is the money to tackle the root causes of homelessness like mental illness, drug abuse, adult education.

Housing 58 people for $34 million dollars is such a waste when that could have created positions for social workers, an adult school, counseling, and drug and alcohol rehab services that could have helped hundreds to thousands of homeless people.

This is politics and greed at it’s worst. Congrats to EAH for the windfall of a about $10 million in profits.

Scott Richardson
Santa Monica property owner

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