Long Beach explores tax-exempt bonds for “workforce housing”
“The Long Beach City Council has directed staff to study how it could use tax-exempt bonds to purchase buildings that could be set aside for middle-income renters. Middle income, for Los Angeles County, would be roughly between $64,000 and $96,000 a year for a family of four
The problem, critics say, is that Long Beach and other cities have already tried such tactics for public housing – and have lost money on the deals.”