In December, the council approved Playa Capital’s request for $87 million in tax-exempt government housing bonds to help build an apartment complex with 417 "affordable" units. (A state hearing in Sacramento this June will determine whether or not the request is granted.) Council members also will be asked to approve city backing for the sale of $415 million in tax-exempt Mello-Roos bonds to allow Playa Capital to obtain lower-cost construction loans. Councilwoman Ruth Galanter says she can’t find $100 million to save the city’s last open big space. But then, it always seems to be easier for politicians to come up with corporate welfare than the money to save a piece of paradise.
—Bill Gibson
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