Sunday, August 12, 2007
Are A Few Developers Getting the Lion's Share of FEDERAL Affordable Housing Money, Maxinming Cost Per Unit and Allowing Less Units to Be Built?
Is LA City’s affordable housing policy ONE BIG F-ING RACKET?
How you can make much bigger profits building non-profit affordable housing than the luxury for-profit stuff and how this drives up cost per unit and we therefore get way less units, then Jan Perry has to pretend like more has to be done, when all that has to be done is stop running a cahoots racket that allows a few well connected developers in the know to run a shell game scam on the City and the public.
I can hear “The Broadfather” crying to Robin and the Mayor, now: “Boo hoo hoo, Antonio and Robin. I have this great idea for a fantastic project that will save the City, but I can’t do it without subsidies and hotel tax breaks, even though we initially said it would all be privately funded at no cost to the City.” I can imagine Wendy Greuel saying, “Yeah, it will be great! You can walk across the street with your kids on a Saturday morning from Mocha or Disney Hall. Just ignore all the aggressive panhandlers, though. As long as you don’t look them in they eye, and just ignore them, they may leave you alone.” Zuma adding, “Yeah Antonio, you should build Grand Avenue Project first, then start taking the actual measures to address the problem of the skid row nation expanding throughout LA City streets.
IS THIS HOW “AFFORDABLE HOUSING” DEVELOPERS ARE LAUGHING THEIR ASS OFF AT THE “MARKET RATE” DEVELOPERS BECAUSE YOU CAN MAKE WAY MORE PROFIT BUILDING AFFORDABLE HOUSING; AND SINCE THE PROFIT IS BASED OFF PUBLIC MONEY THAT DEVELOPERS ARE GIVEN TO BUILD AFFORDABLE HOUSING, WE END UP WITH A MUCH HIGHER TOTAL COST PER UNIT; AND THEREFORE FAR FEWER AFFORDABLE UNITS THAN WE SHOULD BE GETTING FOR THE MONEY? (Who says ZD needs to be re-written by editors?)
CLICK HERE FOR ZUMA’S “NO MONEY DOWN” (NON-PROFIT) PROFIT WINDFALL SYSTEM
MORE ZD STORIES ON NON-PROFIT AND ONE OF IT'S BIG FISH, "GRAND AVE PROJECT":
Grand Ave: No Money Down
Grand Ave Project: Citizen's Alert
Why Grand Ave affordable housing must not be cut
Shady non-profit public fund abuse?
ZD Legislative Review of Grand Ave Project
Downtown LA Masterplan: LA Live & Grand Ave (They decided FOR you)
Up next: De Leon's AB 31 ($400 million non-profit money for parks and recreation.) This is the issue that introduced ZD to the term "sunset clause" and triggered this entire "shady" non-profit alert:
Posted by Z.A.P. (Zuma Action Plan) at 7:10 PM