|The Lookout Letter to the editor|
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As a real estate investor aware of building costs I am absolutely appalled at the fact that the city is spending $590,383 per unit for studio apartments! ("Santa Monica Approves Loan to Build Homeless Housing," October 8, 2020).
This is $1,180 per square foot. In the free market, these units would cost well less than half of what the city is paying.
When are home owners in this city going to realize that their hard earned money gets paid as property taxes so that developers can get rich. This money should go to schools, public works, etc.
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