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[–] 1 point 1 year ago (5 children)

At $500k/year couldn’t they also build apartments where the lot is affordably?

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  • [–] 1 point 1 year ago (4 children)
  • [–] 3 points 1 year ago (2 children)

    Even at just 20 years that amortizes to 10 million, assuming no inflation to costs for this parking lot. I have a very hard time believing that wouldn’t cover basic apartments.

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  • [–] 3 points 1 year ago (1 child)

    FWIW, a check of extant multifamily housing for sale in that area shows about $200-$400K per unit.

    So, building new would probably cost a little more, but I suppose low income housing could forego some common amenities. OTOH, low income housing projects in Los Angeles routinely exceed $600K per unit.

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