City of Industry charges mayor $700 to rent a 4-bedroom house it remodeled for $450,000

In a community where about half of the housing stock is owned by City Hall, the mayor of the City of Industry has secured quite a bargain — a 5,500-square-foot house that underwent $450,000 in renovations at city expense, according to newly obtained documents.

The rent? Just $700 a month.

A similar property in nearby communities would fetch six times as much, according to property listings and a local real estate agent. At the subsidized rate — if the property had no other expenses...

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