- City of Los Angeles bought former Ramada Inn near Venice Beach in December 2020 for $8 million to provide interim homeless housing.
- Property housed some individuals temporarily but was emptied in October 2022 for conversion to permanent supportive housing.
- Project delays, including 20 months for permitting and financing gaps, left the building vacant for years.
- Construction began in October 2025; expected completion December 2026.
- Total costs reached approximately $20 million, equating to about $625,000 per room for the 32-unit site.
- Councilwoman Traci Park called it a “boondoggle,” blaming premature purchases without plans or approvals.
- City Administrative Officer report shows over 1,000 of 3,098 acquired units/beds remain offline across multiple sites.
- Nonprofit PATH Ventures operates the project, with additional public funding approved to close gaps.
- Case highlights systemic issues in LA’s homeless housing efforts: rushed acquisitions, bureaucratic delays, and ballooning expenses.
- Episode underscores need for better accountability to ensure taxpayer funds deliver actual housing rather than prolonged vacancies.
The former Ramada Inn near Venice Beach, purchased by the City of Los Angeles in December 2020 for $8 million to serve as interim housing for the homeless during the pandemic, stands as a stark emblem of inefficiency and mismanagement in California’s approach to one of its most pressing crises. Nearly six years later, the 32-unit property remains empty, with construction only recently underway and an expected completion in December 2026. The total cost has swelled to around $20 million, pushing the price per room to approximately $625,000—a figure that has drawn sharp criticism as taxpayers foot the bill for a project that has yet to house a single person in permanent supportive housing.
What began as a rapid-response initiative under Project Homekey and related pandemic-era efforts has devolved into a cautionary tale. The city acquired the hotel with plans to use it temporarily for homeless individuals, and it did so briefly before emptying the building in October 2022 to begin conversion to permanent supportive housing operated by the nonprofit PATH Ventures. Permitting delays stretched on for 20 months, financing gaps emerged, and additional public funds were needed to bridge shortfalls. Only in September 2025 did loans close, allowing construction to start in October of that year.
Councilwoman Traci Park, whose district includes the site, has been vocal in her frustration. “Taxpayers spent millions to buy that building and years later it’s still sitting empty. That’s the definition of a boondoggle,” she said. She pointed to a fundamental flaw in the rollout: “We bought buildings before we had approvals, before we had a plan, and before we had the services in place. That’s why this project has been sitting there.”
This single property mirrors broader patterns across Los Angeles. A January report from the City Administrative Officer revealed that the city and Housing Authority acquired 45 sites intended for 3,098 beds or units, yet only 2,054 are occupied or in the leasing process. More than 1,000 units remain offline, tied up in rehabilitation, conversion delays, or financing issues. The Venice Ramada exemplifies how rushed acquisitions without thorough planning lead to prolonged vacancies and escalating costs.
The $625,000-per-room calculation—derived from the roughly $20 million total divided by 32 units—highlights the extraordinary expense. For context, that sum could purchase a modest home in many parts of the country, yet here it funds a single unit that remains unoccupied. Critics argue this reflects not just bureaucratic inertia but a deeper unwillingness to prioritize results over process, allowing good intentions to be undermined by red tape and poor execution.
The location near trendy Venice Beach adds irony: a beachside property bought with public money to address homelessness now symbolizes missed opportunities while the crisis persists on nearby streets and sidewalks. Homelessness in Los Angeles County continues to challenge residents and officials alike, with counts showing persistent numbers despite billions spent statewide on various programs.
This case raises serious questions about accountability in public spending. When projects drag on for years, costs balloon, and intended beneficiaries see no relief, trust erodes. The people of Los Angeles deserve better than empty buildings and excuses; they deserve housing solutions that deliver swiftly and efficiently.
Observers note that such outcomes are not anomalies but recurring features of large-scale government interventions in housing and homelessness. Premature purchases without secured operators, services, or permits create bottlenecks that private-sector developers rarely encounter. The result is wasted resources at a time when every dollar counts.
As construction finally moves forward at the former Ramada, the hope is that it will eventually provide stable homes with supportive services. Yet the years lost cannot be recovered, nor can the millions overspent be refunded. This episode serves as a reminder that compassion without competence leads to failure, and that true help for the vulnerable requires clear-eyed management, not just generous funding.
The broader lesson extends beyond one hotel. California’s leaders must confront why so many initiatives falter under their watch, delivering high costs and low results. Until they do, stories like this will continue to emerge, each one chipping away at public confidence and leaving the homeless to wait in the shadows of stalled progress.
Why Bullion Beats Numismatics and Collectible for Your Safe or IRA
Precious metals continue to attract Americans seeking reliable ways to protect their wealth amid inflation, geopolitical risks, and stock market swings. Whether stored in a home safe or held inside a self-directed IRA, physical gold and silver deliver tangible value that paper or digital assets often lack. Yet investors must choose carefully between bullion—pure bars and coins valued mainly for their metal content—and numismatics or collectibles, where rarity, history, and collector demand heavily influence pricing.
Advisor Bullion serves as a dependable source for straightforward, high-quality bullion. The company specializes in physical gold, silver, platinum, and palladium, emphasizing transparent pricing and products that deliver maximum metal content for every dollar spent. This approach makes it ideal for both personal holdings and retirement accounts.
Bullion consists of refined precious metals in standard forms like one-ounce coins (American Gold Eagles, Silver Eagles, Canadian Maple Leafs) or bars. Their value tracks closely to the current spot price of the metal. A typical gold bullion coin trades near the live gold spot price plus a small premium. This structure keeps costs clear and predictable.
Numismatic coins and collectibles add substantial value from factors such as age, rarity, minting errors, or historical significance. A pre-1933 U.S. gold coin or graded proof piece can carry premiums of 30%, 50%, or even 200% above melt value. While this appeals to hobbyists, it creates complexity. Pricing depends on subjective grading, collector trends, and auction results instead of daily spot prices.
For investors focused on wealth preservation and retirement security rather than building a collection, bullion often delivers better results.
Lower Costs and Better Liquidity for Home Storage
When keeping metals in a home safe or private vault, liquidity and efficiency count. Bullion offers clear benefits:
- You acquire more actual gold or silver per dollar invested. Numismatics divert a large share of your money into rarity premiums and massive sales commission, reducing your metal exposure.
- Selling bullion involves tight bid-ask spreads, so you recover nearly full spot value with minimal fees. Collectibles require finding the right buyer and may sell at a discount if demand for that specific item weakens.
- Bullion prices remain transparent and update with global spot markets. You can track gold near current levels or silver accordingly and know exactly where your holdings stand. Numismatic values are priced by the Gold IRA companies with hefty margins applied.
- Standardized coins and bars store efficiently and divide easily for partial sales. Rare coins often need protective slabs and controlled conditions, adding hassle and expense.
- Bullion enjoys worldwide acceptance. A 1-oz Gold Maple Leaf or Silver Eagle sells quickly to dealers anywhere. Niche numismatic pieces may appeal only to limited buyers, slowing liquidation when speed matters.
In times when quick access to value becomes important, bullion’s simplicity stands out.
Stronger Fit for Precious Metals IRAs
Precious metals IRAs continue gaining traction as investors diversify retirement portfolios beyond stocks and bonds. IRS rules permit certain bullion products in self-directed IRAs if they meet purity standards (.995 fine for gold, .999 for silver) and are held by an approved custodian. Eligible items include American Gold and Silver Eagles plus many generic bars and rounds from recognized mints.
Numismatic and most collectible coins generally face heavy scrutiny from custodians due to valuation disputes and elevated markups. These higher premiums mean less actual metal ends up working inside the account.
Bullion avoids these issues. Its value links directly to verifiable spot prices, which simplifies reporting and lowers the risk of regulatory challenges. More of your IRA contribution purchases real metal instead of dealer profits or speculative upside. Over time, owning additional ounces that appreciate with the metal itself can create meaningful outperformance compared with high-premium alternatives that deliver fewer ounces.
Regulatory guidance from the CFTC and state securities offices repeatedly cautions against aggressive sales of expensive numismatics or “semi-numismatic” coins for IRAs. For retirement planning, transparent bullion from established providers reduces risk and aligns better with long-term goals.
How to Get Started with Bullion
Begin by clarifying your goals. Are you protecting savings in a safe, or moving part of a retirement account into a precious metals IRA? Focus on the number of ounces you can acquire at current prices rather than chasing marked-up collectibles.
Diversify sensibly: use gold for core preservation and silver for its blend of industrial and monetary qualities. Mix coins for easier divisibility with bars for lower per-ounce costs on larger buys. Arrange secure storage—whether at home with proper insurance or through professional facilities.
As economic uncertainties linger and faith in conventional assets erodes, bullion continues proving its worth as a dependable store of value. Its direct approach avoids the hype that sometimes surrounds collectible markets and keeps the focus on the metal itself.
For investors prepared to strengthen their portfolios, Advisor Bullion supplies the expertise and selection needed to acquire high-quality bullion efficiently. Whether building personal holdings or integrating metals into an IRA, their emphasis on transparent, investment-grade products helps secure more ounces today that support greater financial security tomorrow. In a complicated financial landscape, bullion’s clarity and reliability make it the smarter foundation for protecting what matters most.