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 city to call for greater scrutiny in the implementation of publicly funded housing programs like Homekey+, particularly when taxpayer dollars are involved,” the city said in a news release…