this post was submitted on 07 Sep 2025
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At $500k/year couldn’t they also build apartments where the lot is affordably?
In San Diego? No.
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.
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.
That is insane
Also wouldn't help the people that are forced by circumstance to be living out of their cars.
Gotta walk and chew gum