California city questions $30M price tag for homeless housing project

California city questions $30M price tag for homeless housing project

The city of Torrance has launched a new effort to block the conversion of a 122-room hotel into permanent housing for the homeless. City leaders released an appraisal Thursday that determined the fair market value of the Extended Stay Hotel at 3525 Torrance Blvd. is between $9.8 million and $10.2 million—far below the $30 million offer submitted by a nonprofit that receives taxpayer dollars. “The nearly $20 million discrepancy has prompted the c…