Mayor Garcetti Proposes $138M Plan To Help The Homeless

LA Mayor Eric Garcetti proposed yesterday that the city spend $138M to address the ever-increasing problem of homelessness.

City officials have recently been criticized for not spending enough to offset the problem.

The money, which is four times the amount set aside for the current fiscal year, would go into effect starting July 1, according to the Wall Street Journal.

The proposal would be partially paid for with current tax revenue but also relies on a real estate fee on local developers that has not been enacted yet. The fee would help provide affordable housing for low-income LA residents.

California accounts for more than one-quarter of the homeless population nationwide. The number of homeless in LA County increased 20% in 2015, up to 41,000 from the prior year, according to the US Department of Housing and Urban Development.

LA lawmakers offered their own proposal last week to spend $99M on the homeless problem in the next fiscal year. [WSJ]

Continue reading this story with a free account

Log in or register
Sign up for more articles like this
Subscribe to Bisnow's National Newsletters
Related Stories

Wall Street Impatient For Big Tech Returns On Data Center Spending

As AI Adoption Ramps Up, Half A Million Property Managers Are In The Crosshairs

Treasuries Hover Around 4.7% As Wall Street Questions If Warsh Is A 'Dove In Hawk's Clothing'

Federal Government To Sell Nearly 31K SF In Five Points: The Denver Deal Sheet

Avison Young Had Assets Frozen By Bank Over Unpaid Taxes

Artificial Intelligence Companies Reshaping Dublin Office Demand As OpenAI Confirms HQ

Mars Factory Overhaul Stalls As Candymaker's Chicago Expansion Accelerates

Camden Property Trust Sells West Coast Portfolio, Clears $1.5B Target

Churchill Downs Plans To Sell 9 Casinos, Focus On Horse Racing

Bringing Stability And Savings To CRE Insurance Through Working Layer

Developers Riding The Surf Park Wave With Resorts, Retail And Residences

More Hotel Owners In Need Of Cash Are Getting It From The Big Brands