High Cost of ‘Affordable’ Blythe Street Apartments

Kudos to all those involved in bringing 50 much-needed apartment units to Blythe Street in Panorama City (“Blythe Street Gets a Revitalization Boost,” Jan. 7). But $7.5 million for 50 units? Has anyone done the math?

We’re all in favor of revitalization, but at what cost?

The “affordable” housing complex was built for $150,000 per unit. By comparison, hapless lender-owners are giving away properties left and right in this section of the Valley at prices ranging from $20,000 to $30,000 per unit. Granted, these might not be brand-new buildings, but new apartments in better areas such as Sherman Oaks can be had for around $75,000 per unit.

Over the hill on the Westside you might find apartments worth over $100,000 per unit, but Blythe Street is a far cry from Beverly Hills. At $150,000 per unit, 50 detached single-family homes could have been purchased in the Panorama City area.

The city’s share of this project (i.e., our tax dollars) was $3.5 million. This portion of the cost alone greatly exceeds its value. Was the purported $4 million in private money really spent? The private developer said the deal won’t make him rich, but who will be collecting the rent for the next 50-plus years? And how much money did he invest? We must have accountability for this and any future government-involved projects.

RONALD A. GREEN

Agoura Hills