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From homeless to $1MM crib overnight? Yowza! (No lottery ticket needed)

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[i][b]Photo above[/b] - California here I come! The city of Santa Monica is breaking ground on new homeless apartments - at $1MM each???[/i]

"California, I'm coming home. Will you take me as I am?" (lyrics courtesy of Joni Mitchell). No, I don't have a job lined up there, or even a place to crash. But that doesn't matter. If you're homeless in California, you can now score a $1MM HOME! See link at bottom.

This end-of-times apocalyptic development is a consequence of government “affordable housing” mandates. If your community is ritzy, you have to make room for stuff that isn't. But the city fathers (and mothers) of Santa Monica are either high on legal weed, or in need of mental health intervention if they think a 122-unit apartment building, which costs $123MM, fits this definition. That's $1MM per apartment. Full disclosure – the press release doesn't reveal if these are studio apartments, 1 bedroom, 2 bedroom, or whatnot. But at that price, we can certainly count on California's mandatory EV charging station for each new unit, right? Maybe a pickleball courts, and a pool too? I won't agree to live in a million-dollar apartment with no pool!

This hilariously expensive housing plan is a reaction to California's state auditor going nuts because the government spent $24 Billion (with a B) on homeless accommodations and had little or nothing to show for it. Hence, the dawn of the $1 million per unit affordable housing complex.

If you're good at math, you've already figured out that the missing $24 billion could have built 24,000 apartments. That's not quite enough to re-home ALL of tent dwellers in the greater LA/Santa Monica area. There's 70,000 of them. But at 2 vagrants per unit, it would have covered the vast majority. No foolin' . . . these are official statistics.

The problem with this plan is obvious though. People like me are the problem. Once I heard I could live in a million-dollar Santa Monica apartment within walking distance of the beach, I started making plans to quit my job and migrate. As I admitted earlier, I don't have a job there. But I'm sure that with food stamps, free medical care, free cellular service and all the other goodies, the only thing I might need actual cash for is legal weed.

I'm just sayin' . . .

[b][u]~California city OK's $1M per unit homeless housing project after audit found state wasted billions on crisis | Fox News~[/u][/b]
Vin53 · M
What is "MM"? There's only 1 M in million.

1mil.
SusanInFlorida · 31-35, F
@Vin53 google says you are completely wrong:

https://corporatefinanceinstitute.com/resources/fixed-income/mm-millions/#:~:text=In%20finance%20and%20accounting%2C%20MM,equals%201%2C000%2C000%20(one%20million).


thanks for being a loyal reader!

👍
Vin53 · M
@SusanInFlorida I stand corrected M'lady. A MM pardons. 😚
The land in Santa Monica for this 122 apartments is where the bulk of the money goes. The apartments themselves cost very little to build.
SusanInFlorida · 31-35, F
@independentone do you have a link for this?
@SusanInFlorida No link, I just know the cost of land in SAMO.
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