Posted by on November 24, 2021 9:02 pm
Categories: Breaking News Epoch Times News

Huntington Beach Insider Uncovers City’s Workforce Housing Problems

The “workforce housing” created by the City of Huntington Beach will bring decades-long financial problems and drive costs of rent even higher, according to Casey McKeon, a real estate developer and former finance commissioner of the city. Huntington Beach’s “workforce housing” is a type of government-subsidized housing initiative to artificially lower rent prices on the buildings purchased by the city through its “joint powers authority,” or JPA. As a type of agency consisting of one or more city or county governments, JPAs can exercise authority and pull resources together for a joint municipal project. This summer, the city approved the purchase of Elan and Breakwater, two properties with 649 units combined, for $341 million in tax-free revenue bonds issued by the JPA. Normally, municipal bonds would need to be put on the ballot for residents to vote on. In this case, the city sold bonds through its JPA, which McKeon …

Originally appeared on The Epoch Times

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