Consider this jaw-dropping example: One nonprofit, the Community Corporation of Santa Monica (CCSM), received $37.5 million in taxpayer-funded loans from the City's Housing Trust Fund (money the city does not expect to be repaid) to rehabilitate a single 40-unit rent-controlled apartment building on Virginia Avenue (2033-2101 Virginia Ave.). That's $937,500 per apartment.

Read More: https://www.smobserved.com/story/2026/06/08/opinion/span-classbrnwsbreaking-news-spantaxpayer-dollars-down-the-drain-in-santa-monica-when-affordable-housing-becomes-luxury-waste/9903.html