LA is the homeless capital of the country. Cops, school teachers and Firefighters can't afford to live where they work. There are affordable housing bonds on both the state and city ballots. Can California afford $2.8 billion in new debt? Is Measure H a $1 billion gift to developers?
FROM THIS EPISODE
More and more Californians can't afford to live here any more, but there's heated debate about what to do. Affordable housing bonds on next month's State and Los Angeles City ballots are aimed at the elderly, low-income families, the homeless and battered women. Governor Schwarzenegger and the legislature want approval of $2.8 billion in bonds to provide affordable housing for seniors and low-income families, as well as shelters for homeless people and battered women. Can California afford the new debt and the money to pay it off?
It takes a salary of $100,000 to buy a median-priced home in Los Angeles and supporters of Measure H say that's out of reach for teachers, construction workers and nurses. Measure H would permit the city to issue $1 billion in bonds to provide 10,000 new homes and rental units from the Affordable Housing Trust Fund. Is Measure H a $1 billion gift to developers?