After the CSU system realized it misread the fine print for a new state grant to build affordable student housing, officials went back to the drawing board, ran new numbers, and told lawmakers they have a plan to develop more discounted student homes.
The proposed housing projects would also cost the state less than what the Cal States put forth last fall — a rare instance of spending less to gain more in higher education.
Cal State’s revised plans call for $823 million in total funding for housing projects across 10 campuses — with $535 million of that money coming from the new state housing grant and the rest from outside funds., the Cal States get $600 million over the three-year life of the grant program — assuming lawmakers and the governor follow through with their promise to fully fund the program.
However the math works out, the state needs more affordable beds for students. Numerous California public universities report long waiting lists of students seeking campus housing. San Francisco State writes in its grant application that it has space for 4,000 student beds but in recent years has had a waitlist of 2,000 students seeking housing.
“I'm not going to second-guess that,” said McGrory, who shared his calculations with CalMatters after Molle’s reply. He added that as a private developer, he tries to spend no more than half of his own funds for projects, but that affordable housing requires a different calculus because there’s less rental revenue to pay back the debt.
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