Funding Source Revealed in UC Tropicana Purchase
When the University of California purchased three Tropicana student housing properties earlier this month, the funds came from the system’s housing arm. None of the money came from state funding, according to university spokesperson George Foulsham. Housing & Residential Services generates its funds from rent and associated fees among its 14 resident halls and apartment complexes, including three in I.V. proper. Last year, it collected $98 million and employed 743 fulltime workers. “The university has a tradition of making investments in Isla Vista that we hope will be transformative and beneficial,” Foulsham added.