
How did $2.7 billion in California housing bonds disappear?
Ahead of California’s housing scarcity contributed to a surge in homelessness and tipped median house costs just about $700,000, an difficult to understand state financing company led by way of best elected officers had the chance over the past decade to lend a hand non-public builders construct a trove of inexpensive housing.
The California Debt Restrict Allocation Committee, an arm of the State Treasurer’s Place of work that problems bonds for personal initiatives with a public get advantages, was once tasked with getting $3.5 billion in tax-exempt housing bonds out the door. Such financing is continuously utilized by the federal government as an incentive for developers and builders to lend a hand building up the state’s stock of homes and residences.
As an alternative, the committee...