National

LA CRISIS: New Homeless Housing to Cost $500K+ Per Unit, More than Median Home Price

posted by Hannity Staff - 10.10.19

Los Angeles officials continued to struggle with the region’s escalating homeless crisis this week; confirming new units to house the transient population will cost more than $531,373 per apartment.

“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,” posted an analyst from the Manhattan Institute.

“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,” reports USA Today.

Experts say there are approximately 60,000 to 80,000 homeless residents across Los Angeles County.

Read the full report at USA Today.