If you read one media story this week, it should be the LA Times' series on the misuse of housing funds by redevelopment agencies. Here's the killer statistic: 120 cities spent $700 million in housing funds without constructing a single unit.
The full story is here.
The series raises the question of whether California wouldn't be better off -- and couldn't save some money -- simply by shutting down its redevelopment agencies. At the very least, this series should put some pressure on the proponents of Prop 22, a November ballot initiative that seeks to stop the state from taking money away from local governments, including redevelopment agencies.
Remind me again why protecting the money of redevelopment agencies in a time of state budget crisis is a good idea?
