INSIDE SCOOP
COMMENTARY
THE REAL DEAL
SIGN COPS ON THE BEAT PAGE 3 GOVERNMENT DISTURBS THE PEACE PAGE 5 THE FED IS A ROCK PAGE 9
WEDNESDAY, JULY 18, 2007
Visit us online at smdp.com
Volume 6 Issue 212
Santa Monica Daily Press STUNG IN THE WALLET SEE PAGE 17
Since 2001: A news odyssey
THE DAY AT THE BALLPARK ISSUE
ENVIRONMENT
P O T S S N A E M N E GRE strians e d e p r fo fe a s d r bouleva p e e k s lp e h t n e evelopm d e r e p o h ts n e id s Ocean Park re HANATANI PAGE12 DY STORY BY MELO
Christine Chang news@smdp.com
Pie in the sky BY KEVIN HERRERA Daily Press Staff Writer
CITYWIDE Building affordable housing for Santa Monica’s workforce may seem like a difficult task given the high price of land, but it isn’t impossible. All it takes are employers with a lot of land and a lot of love to give. That may sound like a long shot, but it’s been done before, according to veteran developer Ehud Mouchly, who has built housing for faculty at UC-Irvine and Cal State Channel Islands by using land owned by the colleges.
In a presentation to some of Santa Monica’s largest employers, Mouchly, an adjunct professor in USC’s Master of Real Estate Development program, said for-sale housing could be built in urban areas without much open space if employers would be willing to use some of their property for development. Once units are built, employees could purchase them for considerably less than what they might cost on the open market because the buyer would only be buying the unit and not the land on which it sits. Under the plan,
summer stackables
Developer says key to workforce housing is cooperative employers an employer would continue to own the property and receive revenues generated from the sale of the units, Mouchy said. By not owning the land, buyers could not participate in the speculation game and reap major profits. There would be some financial benefit to owning one of these units, but the idea is to keep them affordable throughout their lifetime, hence the elimination of equity. “What we do need is land, and that’s no small thing,” Mouchy said. The presentation was part of an ongo-
Gary Limjap (310) 586-0339
It’s all about you... The client 331 Wilshire Blvd. Santa Monica 2 Hours Free Parking (Behind Store) Monday-Saturday 10am-6p10.451.1349 • www.readersjewelers.com
ing effort to find solutions to Santa Monica’s housing crisis, where the average cost of a home — $850,000 — is nearly 14 times the annual salary — $62,000 — of most families. In response to complaints from employers about the difficulty of attracting and retaining highly-skilled and dedicated workers because of the high cost of housing, City Manager Lamont Ewell earlier this year created the Workforce Housing Committee, SEE HOUSING PAGE 14
SMALL BUSINESS STARTUP? Let me help you succeed CONSULTING • BOOKKEEPING • PLANNING TAXES
SAMUEL B. MOSES, CPA
(310) 395-9922 100 Wilshire Blvd., Suite 1800 Santa Monica 90401