From Investment Watch:
More Democratic graft and corruption: Three years after LA tax payers approve $1.2 billion for homeless housing, not a single unit built yet. “…higher-than-expected costs…such as consultants and financing…comprise up to 40% of the cost…”
Having made a deep financial commitment to create housing for some of its 27,000 unsheltered homeless people, Los Angeles is falling short in building new apartments to take thousands of people off the streets, a new study finds.
Nearly three years after city voters approved a $1.2 billion construction program over 10 years, the city has yet to see the first building completed. Average per-apartment costs have zoomed more than $100,000 past prior predictions, the study by city Controller Ron Galperin finds.
Los Angeles has had Republican mayors as late as 2001 but they have been as corrupt as the Democrats.
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