Often described as housing of last resort for some of the city’s poorest renters, single-room occupancy buildings in Los Angeles are operating at a financial loss — and losing more money every year.
That’s according to a November report from Enterprise Community Partners, an affordable housing nonprofit. The report surveyed 39 buildings across California. It found that only two — both located in San Francisco — have positive cash flow.
All of the L.A.-area properties are run by organizations that keep buildings financially afloat by digging into their own budgets, making up for rental income that isn’t enough to cover operating costs…