Daily News 3/22/11
Re “Questionable expenditures boost bid to end redevelopment agencies” (Another View, March 18):
This Sacramento Bee editorial tried to discredit redevelopment agencies for their profligate spending on affordable housing “… without constructing a single new unit.” While that may be true, they failed to recognize the not-so-affordable spending on the units built. A stinging example is the planned Sherman Village Apartments. The $25 million cost, including $4.4 million from the CRA, would construct a 73-unit “affordable housing” project. That’s about $342,465 a unit. It would cost no more than half that amount to buy and rehab older apartments and provide even many more apartments for low-income people.