Readers React: How to build affordable housing in Venice

To the editor: We need much more affordable housing in every neighborhood. It is the essence of what makes a city rich in freedom, opportunity and culture. Without increasing the supply of housing for all, higher rents will push out that natural economic diversity and opportunity we love in our neighborhoods. (“Does it make sense to build affordable housing in Venice?,” Opinion, Feb. 4)

L.A. City Councilman Mike Bonin’s call to build affordable housing on the site of an unused bus yard in Venice is commendable but inadequate. Maybe with fund limitations and density compromises, the best efforts would create 50 very expensive units of affordable housing … in five years, at best. Development will be contentious, costly and protracted.

So it is time to think differently.

Proceeds from a rapid sale of the land (to the highest bidder) can be banked to leverage conventional mortgage-financed acquisition of operating apartment buildings by for-profit and non-profit investors. The proceeds from selling the bus yard could within a few years be recycled into acquisitions of up to 200 housing units.

The immediate and mid-term impact is to seed preservation of housing for local workers in households that make 100% of median income and below. These units would also become an immediate resource for vouchers available to place veterans and the most at-risk households in a supportive and secure environment.

This is not an alternative to meeting long-term housing demand, but it will help relieve the rent burden on many Westside residents.

John Given, Santa Monica

The writer is a city planning consultant.

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