There have been many problems with Prop HHH, but the real problem predates it: the way that taking advantage of public money layers on requirements, delays, and additional goals, slowing down construction and raising costs. HHH is designed to provide some, but not all, of the money for developments. Defenders of HHH are quick to point out that the average cost per unit includes around only $134,000 of HHH funds.18 The program is designed to seed projects that can find other financing, too. That sounds good: by leveraging outside money, the taxpayer’s dollar can go further. In reality, it means
...more
