The article doesn't say how much rent is, but average rents are over $2000, which means it is on a 50-75 Year Plan Just to Break Even!!!
$65,000 gets you a small 3 bedroom 2 bath Manufactured Home complete, delivered and setup
https://www.claytonhomes.com/homes/51SSP16723AH
“Nonprofit developer Abode Communities and land steward T.R.U.S.T. South LA transformed the site that originally held 48 apartments that were in disrepair, which prevented a mass eviction of low-income residents who faced gentrification pressures of student housing and new transit construction, according to a statement from Abode.
``Too many residents in the Eighth District are burdened by rental costs. I am committed to providing affordable housing for residents across South Los Angeles, and these homes are an example of the types of developments families in South Los Angeles need,’’ Los Angeles City Councilman Marqueece Harris-Dawson, who represents the district where Rolland Curtis Gardens is located.”
George Orwell has some strong competition here.
As they pat themselves on the back, the rest of L. A. And the state continues to succumb to the illegals, criminals and the homeless. With their sights on the rest of the country, the communist democrats have clearly demonstrated how to wreck an entire state. Their answer to the tax payers, “we’re coming for your guns and your money”!
Adding the cost of the land & then the development gets a total of $85 million.
Divide that by 77 and I get $1,103,896 per apartment to develop each one.
What kind of rent does it take to recover that investment & then to do maintenance, taxes, and other overhead?
As a ling long bookkeeper/accounting person, I cannot fathom this investment.
One earthquake & no one will be living there, anyway. Or a large gang fight breakout.
$65,000 gets you a small 3 bedroom 2 bath Manufactured Home complete, delivered and setup
https://www.claytonhomes.com/homes/51SSP16723AH””";
Clayton office less than 10 miles from where I live.
I paid $85,000 for my 1350 sq ft Fleetwood home, also 3/2 double wide. set up, etc.
I paid $55,000 for 5.58 acres with well, septic, leach field, power drop, & permanent foundation for the double wide.
Total investment in 2005 of $140,000.
I have added other improvements: 24 x 24 garage with 220 power & concrete floor & apron——concrete tie rail for shoeing horses—— 12 separate horse enclosures ranging in size from 60,160 sq ft (1.38 acres) to 288 sq ft 6 rail steel pens for brood mares. Completely fenced & cross fenced with hot wire & 3 perimeter entrances, each 32’ wide.All perimeter gates connected with gravel driveways. 5 sun shelters in pens. Deck at front door. 6 ceiling fans with lights in house.
Property for sale due to health issue with family member.
Will answer any questions anyone has.
Adding the cost of the land & then the development gets a total of $85 million.
Divide that by 77 and I get $1,103,896 per apartment to develop each one.
What kind of rent does it take to recover that investment & then to do maintenance, taxes, and other overhead?
As a ling long bookkeeper/accounting person, I cannot fathom this investment.
One earthquake & no one will be living there, anyway. Or a large gang fight breakout.
Sorry- I did math wrong. It is 140 units...not 77. Not all awake yet. Too many local distractions.
It will wind up looking like Cabrini-Green in no time.
What’s to “celebrate”? Spending waaaay too much of other people’s money?
/sarcasm - of course liberals celebrate this.