May 16, 2011
For big developers, new schools are a chance to make big bucks.
Take the brand new Central Region High School No. 13 that is being completed in Glassell Park. In 2004, after the Los Angeles Unified School District chose the site for a new school, a big developer and major contributor to Villaraigosa’s first mayoral campaign swooped in and bought the property for 32 million dollars. He then sold it right back to the school district for 50 million dollars.
An instant profit taken from the schools, students and teachers.