Using the 30% requirement for below-market-rate rents, that's $1850/month for an apartment, which could go pay for nearly $400,000 of construction costs. Which

Using the 30% requirement for below-market-rate rents, that's $1850/month for an apartment, which could go pay for nearly $400,000 of construction costs. Which could be a fairly large apartment, actually! Time to start working through some pro-formas, this might have a lot of potential. Prop 13 typically makes it really really hard for new landlords to compete, since long-time landlords pay nearly zero in taxes, but this might actually pencil.