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IPFS News Link • Homeless

LA Spends Up to $837K Per Unit to House a Mere 5,600 of Over 40,000 Homeless

• https://mishtalk.com, By Mish

Inquiring minds are investigating Los Angeles City Controller's Audit Report on the Progress of Proposition HHH a 2016 measure that authorized spending $1.2 billion to tackle homelessness in LA.

Key Points

California had 28,464 Homeless in 2016.

LA then passed proposition HHH, authorizing $1.2 billion to address the problem.

In early 2020, pre-Covid, the city had 41,250 homeless. There are no current homeless stats and due to Covid are undoubtedly much higher.

The city is building units to address the problem. 1,200 units have been completed. 

4,400 units are in construction. 

LA Homelessness

Proposition HHH Cost Per Unit

Average completed cost is $520,879 per unit

Average cost of units underway is $596,486 per unit 

Approximately 14% of units in construction exceed $700,000 per unit.

One project is currently estimated to cost $837,000 per unit.

It took 3.4 years for the 1,200 completed units.

The estimated timeline is another 4.3 years for the additional 4,400 units.

My guess is there are now 60,000 LA homeless (possibly a lowball number due to Covid). At the current average of $600,000 per unit (and rising), LA will need to spend another $36,000,000,000. 


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