Latest news with #BridgeHousing
Yahoo
3 days ago
- Business
- Yahoo
A tech billionaire vows to make homeless housing affordable and profitable
A call for proposals to develop a surplus Metro property on the corner of Wilshire and Crenshaw boulevards drew bids from seven heavyweights in the world of homeless housing. Along with big non-profits like Abode, PATH and Bridge Housing, an eighth bidder — one that has yet to produce a single apartment — presented a bold plan to do what none of the others could. Better Angels, a nonprofit founded by a billionaire tech entrepreneur who has turned his attention to homelessness, said it will build 212 affordable units on the property, plus a medical office building, without needing a dime of taxpayer money. Unlike the other bidders, whose proposals rely on tax credits and other government grants, Better Angeles says it will supply 30% of the capital as equity and finance the rest with conventional loans, allowing it to build faster and at much less cost than typical affordable projects. Among several homelessness initiatives launched by its founder, Adam Miller, Better Angels has set out on an ambitious mission to debunk the conventional wisdom that affordable housing can't be produced without taxpayer subsidies. "The goal is to show the way to make money doing affordable housing because we believe that ... the only way you are going to solve the affordable housing crisis is by letting capitalism work," Miller said. With a $300-million investment fund, Miller is trying to lure for-profit developers away from the luxury market and create an opportunity for small-scale developers to think beyond duplexes and ADUs. Concurrently with its Metro proposal, Better Angels is bidding on a project to redevelop a former Kaiser Permanente facility in Pasadena. It proposes a housing and mental health hub with a mix of 300 market rate, affordable and supportive units for formerly homeless people. It also has entered a bid in a Los Angeles Community College District competition for proposals to produce student housing. If selected, it would build a 54-unit apartment near Sunset Junction in Silver Lake for Los Angeles City College students with preference for those in or exiting foster care. Metro and LACCD have announced that winners will be named this summer. Bidding on the Pasadena project closed in May, and a decision is expected sometime this year. Win or lose on those bids, Better Angels is backing two smaller projects that are well on their way to completion. A groundbreaking will be held in later this summer for a 51-unit apartment that will replace an abandoned single-family home in South Los Angeles. Later in the year, permits are expected to be issued for an eight-story, 72-unit building a block from Manchester Avenue in Westchester. Miller promotes his housing model as an alternative to the decades-old system of double subsidies that use tax credits supplemented by other government grants to finance construction and rental subsidies to support ongoing operation. Tax-credit development is slow and costly because the rental subsidies have to be secured before capital can be raised, and the financing can be a years-long process involving competitive applications to multiple agencies. All the while the developer, in most cases a nonprofit homeless services provider, accrues carrying costs for the land. By providing capital up front with the stroke of a pen, Better Angels potentially cuts years off the process. "It's a very uncomplicated structure," said Anthony Gude, lead developer of the Westchester project. "You don't have to use public subsidies. That makes the capital stack simpler and more reliable." Gude said the 72-unit project will cost $15.5 million. At $215,000 per unit, that's roughly a third of the current cost of construction financed with tax credits. But there is a trade-off for the savings in time and cost. Though classified as affordable, the project will not become part of the homeless housing system. To be profitable, its rents will exceed the very low level needed to get people directly off the streets. As part of the approval process, Gude committed to limit rent of 55 units at low income (for people making 80% of area median income) and 15 units at moderate income levels. On average, that would be about $2,000 for the low-income units, he said. While that would be roughly 40% lower than rents in other new high-rise buildings going up in the bustling area just north of LAX, it's well above the very-low income levels required of tax-credit projects. That differential is evident in the applications for Metro's Wilshire/Crenshaw project. Better Angels' Metro proposal would provide 170 units at 80% of the area median income and 42 units at 110% of median, the latter a level commonly known as workforce housing. The seven competing proposals, all using tax-credit financing, would have some units available for people with incomes of only 30% of the median, considered acutely low-income, and most below 60% of the median. André F. Bueno, Better Angels' director of housing and chief investment officer, said the goal is to create new housing with guaranteed affordability that would serve homeless people directly through master leases to nonprofit agencies or, if not master leased, indirectly by renting to people who have federal Section 8 vouchers but can't use them in the competitive rental market. Miller described it as a homeless housing with "downside protection." "We have flexibility to ensure our limited partners get their return," he said. "We're trying to prove out that there is a different better way to do this that is less costly to the government and more effective at creating housing." Miller, who built Cornerstone OnDemand into a global training and development company, turned his focus on philanthropy after its 2021 sale. After forming an organization that supports research seeking solutions on gun control, Miller and his wife Staci Miller turned their attention to homelessness as their primary local mission, creating the STEP Fund, a no-interest, forgivable micro-loan program to help people facing evictions. It has given out 700 loans with a return rate of 65%. In 2023, the Millers incorporated Better Angels United Inc. as the umbrella for several initiatives. It conducts Resource Days around the county to help homeless people connect with services. It also employs a technical team working to create a mobile phone app for outreach workers and a centralized shelter database. After the Los Angeles fires, Better Angels built a resource navigator app and set up a relief fund. Its Affordable Housing Fund is a for-profit subsidiary of Better Angels created to attract capital to develop affordable housing. "We expect the returns on these projects are going to be market rate — double-digit internal rate of return — and we think that is going to encourage a lot of other people to get in this space and build net new affordable housing," Miller said. Miller is planning to promote three types of housing. About 45% of the fund will go to standard new housing construction. Another 20% will be invested with Good River Partners, whose founder Daniel Heimpel aspires to build housing for youths transitioning out of foster care. With the remainder, Miller hopes to partner with housing developer and modular manufacturer SoLa Impact to help longtime South Los Angeles homeowners convert their properties into multi-family apartments. "The idea is not only to create new affordable housing but to provide an opportunity for intergenerational wealth with people in the neighborhoods," Miller said. Gude and Andrew Slocum, who is leading the project in South Los Angeles, said their plans were possible only because of state and local incentives for affordable housing, including Mayor Karen Bass' Executive Order 1 that streamlined approvals. Among the other bonuses, the five-story building in South Los Angeles and the eight-story building in Westchester require only minimal setbacks from the street and no parking. "We needed every lever that was pulled," said Gude. Sign up for Essential California for news, features and recommendations from the L.A. Times and beyond in your inbox six days a week. This story originally appeared in Los Angeles Times. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Daily Mail
4 days ago
- Daily Mail
Neighbour from hell terrorises one of Australia's most exclusive suburbs after a noise complaint was made against him
A social housing tenant left neighbours terrified after blasting Hitler speeches and threatening passersby with a replica shotgun. Andrew Cambouris, 56, terrorised his neighbours from his home in Manly, on Sydney 's Northern Beaches. Cambouris spent 10 years living at the Bridge Housing accommodation on Pittwater Road before his apparent meltdown in early May. The spiral began when a noise complaint was made against Cambouris after he played loud music. The 56-year-old assumed a neighbour living across the road was responsible and set about making his life hell. 'My wife and son and I are exiting the property a couple of days later, he started shouting threats, "I'm gonna get you, I'm gonna stab youse",' the neighbour, who asked to remain anonymous, told News Corp. The neighbour's wife came home by herself that night and Cambouris continued his threats. However, the family initially wanted to avoid contacting police for fear of further aggravating him. Cambouris' aggression continued to grow on May 16 when the neighbour and his son began setting up a CCTV camera outside their home. The neighbour recalled Cambouris 'screaming threats' while holding what appeared to be a shotgun, which was later found to be fake. The neighbour filmed as Cambouris yelled: 'Ah film me, f*** you, get f***ed. You wanna die? I'll f***ing kill you, f***wit.' Police received the video and a formal statement from the neighbour and Cambouris was arrested. He was charged with weapon offences as, under NSW, crimes with replication or imitation firearms carry similar penalties to those with real firearms. Possessing a fake gun without a permit could result in a maximum of 14 years behind bars. Cambouris was released on bail several days later under strict conditions. Those included undergoing mandatory breathalyser checks and not crossing the road towards the neighbour or his family. While the neighbour felt uneasy about Cambouris' return, he expected the 56-year-old would 'quieten down'. However, his rants took a frightening new turn on May 25. Disturbing footage showed Cambouris hurling anti-Semitic abuse from his balcony, despite the neighbour not being Jewish. 'Heil Hitler! Heil Hitler! Heil Hitler! Heil Hitler! Kill all the Jews, ya f**king c***s!' he was heard yelling. The neighbour filmed the incident and called police but officers were unable to reach Cambouris as he'd barricaded himself inside his home. 'They said, "Look, there's not much we can do, he won't come to the door and we can't get access" and then left. That spurred him on even more,' the neighbour said. Cambouris later played audio from a Hitler speech at a Nuremberg rally, announced himself as the 'Antichrist', and called methamphetamine a 'cure'. 'Do you know the Nazis almost won World War II?' Cambouris yelled during one rant. 'Methamphetamine is the answer! But you must use it and not abuse it, or it will kill you. Paranoia will destroy ya!' The neighbour enlisted the help of criminal barrister Peter Lavac on June 6 after Cambouris crossed the street towards him. Mr Lavac attended Dee Why Police Station with the neighbour on June 9 and Cambouris was arrested the same day about 6.30pm. He was charged with breach of bail and fronted Manly Local Court on June 11. Cambouris pleaded guilty to the weapons charge and was remanded in custody. He faced the same court again on July 9 and pleaded guilty to several other offences, including intimidating and assaulting police. Cambouris will be sentenced on August 20. However, the neighbour and his family are frightened of what will happen after Cambouris is sentenced. 'My daughter was too terrified to come over. I had a cricket bat inside the door, we left [the house] as a family unit, we were genuinely in fear of our lives,' he said. In order for Cambouris to be evicted from Bridge Housing, the charity must submit a request to the NSW Civil and Administrative Tribunal. Proceedings with the tribunal have begun and the case is listed for July 30.
News.com.au
4 days ago
- News.com.au
‘You wanna die?': Manly neighbour from hell subjects family to campaign of terror
A Manly social housing tenant from hell is behind bars after subjecting his neighbour to a campaign of terror that allegedly included death threats while wielding a replica shotgun, screaming 'kill all the f**king Jews' from his balcony and blasting audio of Hitler speeches. Andrew Cambouris, 56, a well known local in the Northern Beaches suburb, had been living in the Bridge Housing accommodation on Pittwater Road for around 10 years when his behaviour began to spiral out of control at the start of May. 'Then he started playing music really loudly,' his neighbour, who did not want to be identified for fear of his safety, told 'The neighbourhood didn't take kindly [to that], somebody rang the police and he was spoken to regarding a noise complaint.' It was then that Cambouris set off a weeks-long ordeal that left the man and his family fearing for their lives. 'He assumed because I lived directly across the road from him that we had called the police on him,' he said. 'My wife and son and I are exiting the property a couple of days later, he started shouting threats, 'I'm gonna get you, I'm gonna stab youse.' My wife came home that evening by herself, he started screaming he's going to stab her and kill her. I was not particularly happy about it but I still didn't want to get the police involved because basically I've got a nutter living across the road and I don't want to aggravate him.' But things took a disturbing turn on May 16, as the man was outside his home with his son setting up CCTV cameras for safety. 'He went off screaming threats again,' he said. 'I decided to confront him, tell him, 'You've got the wrong people and if I had a problem with the music I would come and [talk to you].'' That's when Cambouris brandished what appeared to be a shotgun, in shocking mobile phone footage captured by the neighbour. 'Ah film me, f**k you, get f**ked,' he yells. 'You wanna die? I'll f**king kill you, f**kwit.' The man took the video to police and gave a formal statement. Cambouris was arrested and charged that day with weapons offences. Under NSW law, replication or imitation firearms are treated similarly to real firearms and are illegal to possess without a permit, with the offence carrying a maximum penalty of 14 years imprisonment. Cambouris was released on bail several days later under a number of conditions, including mandatory breathalyser checks at his home by police and a ban on crossing the road towards the neighbour or his family members. 'We thought, OK, he's back, he's going to quieten down, he knows he's in trouble,' the man said. But on May 25, Cambouris again began his unhinged ranting. In mobile phone footage, Cambouris can be heard screaming anti-Semitic abuse at the top of his lungs. 'Heil Hitler! Heil Hitler! Heil Hitler! Heil Hitler!' he screams from his balcony. 'Kill all the f**king Jews, ya f**king c***s! Get f**ked!' The neighbour, who is not Jewish, again alerted police that Cambouris appeared to be in breach of his bail conditions. 'The police go and knock but he refuses to come to the door, he's barricaded the door,' he said. 'They said, 'Look, there's not much we can do, he won't come to the door and we can't get access,' and then left. That spurred him on even more.' That night Cambouris 'just started blaring from his loudspeakers from his balcony the Nuremberg rally in German, 'Sieg Heil, Sieg Heil''. CCTV cameras captured extraordinary footage of Cambouris' unhinged behaviour over the following weeks. Various clips show music being blared in the middle of the night, Cambouris ranting and raving at the top of his lungs about Nazis and methamphetamine, and screaming profanities while declaring 'I'm the f**king Antichrist!'. 'Do you know the Nazis almost won World War II?' Cambouris is heard bellowing into the street in one clip, adding that Hitler fed his army 'pure methamphetamine and they marched for days and days'. 'Methamphetamine is the answer! But you must use it and not abuse it, or it will kill you. Paranoia will destroy ya!' According to the neighbour, the behaviour continued to escalate over the next few days. 'I once again contacted police because it was a safety issue,' he said. 'It's a busy bus stop.' Despite Cambouris being 'clearly intoxicated' and 'screaming' from his balcony police declined to intervene, according to the neighbour. The 'final straw' came on June 6, when Cambouris came across the street towards the man yelling 'I am the Antichrist!'. That's when the man enlisted the help of colourful criminal barrister Peter Lavac, hoping to get police to finally act. Mr Lavac attended Dee Why Police Station with the man on June 9 where he 'read the cops the riot act'. A NSW Police spokesman confirmed that the neighbour attended Dee Why Police Station on Monday June 9 to report 'another man allegedly threatened him on Pittwater Road, Manly, at about 1pm on Friday June 6'. 'Following inquiries, about 6.30pm on the same day, police arrested a 56-year-old man,' he said. 'He was charged with breach of bail, and he was issued court attendance notice to appear at Manly Local Court on Wednesday June 11'. The neighbour said in those two days 'I was scared for my wife coming home by myself, I would have to meet her'. 'My daughter was too terrified to come over,' he said. 'I had a cricket bat inside the door, we left [the house] as a family unit, we were genuinely in fear of our lives.' Cambouris pleaded guilty to the weapons charge on June 11 and was remanded in custody. He appeared in Manly Local Court again on July 9 where he pleaded guilty to a raft of additional offences including intimidating and assaulting police and suspected stolen goods in custody, court records show. He will be sentenced on August 20. Mr Lavac criticised what he perceived to be the inaction of the police. He believed the police should have done more when the man refused entry into his house. 'They let this guy remain on liberty … and for police to shrug it off is a disgrace.' The neighbour said he was fearful of what would happen after Cambouris' sentencing. 'The thing is he's going to get out again and Bridge Housing, they can only submit to NCAT [NSW Civil and Administrative Tribunal] a request for him to be evicted,' he said. 'With these no-eviction laws it's going to be very difficult.' Court listings show Bridge Housing, a community housing provider and charity on Sydney's Northern Beaches, is taking action against Cambouris in NCAT. That case is listed for July 30. 'Bridge Housing is unable to provide specific details regarding individual tenancies,' a spokeswoman said in a statement. 'However, we can confirm that proceedings including NCAT action, are currently underway in response to ongoing breaches. We are committed to acting within our responsibilities under the Residential Tenancy Agreement to support both our tenants and the surrounding community and take reports of threatening or violent behaviour extremely seriously.'
Sydney Morning Herald
29-05-2025
- Business
- Sydney Morning Herald
Pub billionaire splashes $3m to give Watsons Bay hotel a facelift
Piper's Epochal Hotels portfolio includes Harbord Hotel in Freshwater, Beach Hotel in Merewether, Newcastle, the Commodore in North Sydney and the Q Station on the Manly headland. Both deals were completed by JLL Hotels. Patts' soul The $13.6 billion ASX-listed Soul Patts conglomerate, run by chairman Ribert Millner, and retirement specialists Moran have partnered with Bridge Housing and the Northern Beaches Women's Shelter to provide safe, short-term accommodation to people facing housing stress. Under the scheme, Soul Patts, which owns a former aged care home in Narrabeen, and Moran, the operator, will provide capital as part of the planned redevelopment of the existing site. But as a new model for the industry, the two will offer the premises for use as transitional housing for people in need, to be run by Bridge Housing, while they go through the long-winded planning process. Many development sites sit empty while the planning process is under way but Narrabeen House's 24 independent homes will instead be used for much-needed accommodation. Bridge Housing will professionally manage the homes, overseeing tenancy, property maintenance, and tenant support. They work closely with local support agencies Northern Beaches Women's Shelters, Mission Australia, Burdekin Foundation and Women and Children First. Kmart centre As part of the plan to double revenue to $20 billion over the next decade, Kmart will open a $500 million state-of-the-art fulfilment centre in Sydney's west. Located at the ESR Moorebank Intermodal Precinct, the 100,000 square metre site will also service conglomerate Wesfarmer's Target stores. Kmart has been experimenting with new store layouts to help increase sales and reach its $20 billion target in the next 10 years. In a separate deal, Bing Lee electrics is selling its 16,743 square metre facility on a large 27,603 sq m corner site at 702 Woodville Road, Old Guildford, with a price tag of about $85 million. Bing Lee, owner of the site since 2008, will remain as the tenant and recycle the cash from the sale into its business. Colliers' Gavin Bishop, Sean Thomson, Michael Crombie, Trent Gallagher are advising on the sale. Stuyvesant's House The well-known Stuyvesant's House, Crow's Nest, is closing its doors after opening in 1961. The owner and operator, restaurateur Rudi Dietz, is retiring and selling the popular eatery at 45 Alexander Street. Dietz took over the restaurant in 1973, just over a decade after it first opened under Dutch ownership. He brought with him a deep love for authentic German hospitality. The building occupies 221 sq m of land with a 347 sq m internal area and an 85 sq m cellar. The site's zoning is for mixed use and offers development potential for investors. No price guide was given but it generates gross income of $220,000 per annum plus GST. Scott Stephens from RWC Sydney North is advising on the sale.
The Age
29-05-2025
- Business
- The Age
Pub billionaire splashes $3m to give Watsons Bay hotel a facelift
Piper's Epochal Hotels portfolio includes Harbord Hotel in Freshwater, Beach Hotel in Merewether, Newcastle, the Commodore in North Sydney and the Q Station on the Manly headland. Both deals were completed by JLL Hotels. Patts' soul The $13.6 billion ASX-listed Soul Patts conglomerate, run by chairman Ribert Millner, and retirement specialists Moran have partnered with Bridge Housing and the Northern Beaches Women's Shelter to provide safe, short-term accommodation to people facing housing stress. Under the scheme, Soul Patts, which owns a former aged care home in Narrabeen, and Moran, the operator, will provide capital as part of the planned redevelopment of the existing site. But as a new model for the industry, the two will offer the premises for use as transitional housing for people in need, to be run by Bridge Housing, while they go through the long-winded planning process. Many development sites sit empty while the planning process is under way but Narrabeen House's 24 independent homes will instead be used for much-needed accommodation. Bridge Housing will professionally manage the homes, overseeing tenancy, property maintenance, and tenant support. They work closely with local support agencies Northern Beaches Women's Shelters, Mission Australia, Burdekin Foundation and Women and Children First. Kmart centre As part of the plan to double revenue to $20 billion over the next decade, Kmart will open a $500 million state-of-the-art fulfilment centre in Sydney's west. Located at the ESR Moorebank Intermodal Precinct, the 100,000 square metre site will also service conglomerate Wesfarmer's Target stores. Kmart has been experimenting with new store layouts to help increase sales and reach its $20 billion target in the next 10 years. In a separate deal, Bing Lee electrics is selling its 16,743 square metre facility on a large 27,603 sq m corner site at 702 Woodville Road, Old Guildford, with a price tag of about $85 million. Bing Lee, owner of the site since 2008, will remain as the tenant and recycle the cash from the sale into its business. Colliers' Gavin Bishop, Sean Thomson, Michael Crombie, Trent Gallagher are advising on the sale. Stuyvesant's House The well-known Stuyvesant's House, Crow's Nest, is closing its doors after opening in 1961. The owner and operator, restaurateur Rudi Dietz, is retiring and selling the popular eatery at 45 Alexander Street. Dietz took over the restaurant in 1973, just over a decade after it first opened under Dutch ownership. He brought with him a deep love for authentic German hospitality. The building occupies 221 sq m of land with a 347 sq m internal area and an 85 sq m cellar. The site's zoning is for mixed use and offers development potential for investors. No price guide was given but it generates gross income of $220,000 per annum plus GST. Scott Stephens from RWC Sydney North is advising on the sale.
