1) start a charity
2) get public money to build apartments
3) charge low rates for 5 years
4) after five years refuse to pay back the public
5) begin charging market rates
6) profit
Who makes out?
Developer, lender, local politician, “charity worker” with fat salary and benefits.
Who goes back to being homeless in 5 years? The intended beneficiary.
That’s the grift ladies and gentlemen. All of a sudden, this headline makes sense.
LA spending up to $837,000 to house a single homeless person
A Los Angeles audit finds that a $1.2 billion program intended to quickly build housing for the city's homeless residents is moving too slowly, and costs are climbing.
apnews.com