The city is building on a pilot program it launched last year that offered between $200 and $660 a month in rental assistance to nearly two dozen seniors.
"We'd like to expand this program tenfold," said Santa Monica's Housing and Economic Development Director Andy Agle. "We're taking our program from $200,000 to $2 million a year. That's a huge ramp-up."
Agle said he anticipates Santa Monica will now be able to help 250 to 400 senior households with the added cash.
Although Santa Monica saw a 3% rise in senior homelessness over the last year, no one in its rental subsidies pilot program suffered that fate.
New York's luxury real-estate market has been in freefall for years, and now the city's super-luxe buildings are sitting empty -- even as property prices in the city remain stubbornly high, prompting 300 New Yorkers to move out of the city every day, and filling the homeless shelters to capacity and beyond.
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