By David Chen.
“For years, Father Joe’s Villages, a nonprofit homeless services provider and housing developer in Southern California could reliably count on the insurance premiums for its properties rising up to 10 percent every year. But this year, the insurance bill hit $4.4 million—quadruple the previous year. And that was on top of a sharp increase in deductibles.
“Calling the situation “very grave,” Jim F. Vargas, the president and chief executive of Father Joe’s Villages, warned that rising insurance costs could “derail not only our plans as a homeless services provider and developer from constructing additional buildings, but it could derail, frankly, the plans for housing in general to be developed in this state.”
Read the full story in the New York Times here.
