A failed venture: UCLA may lose $7-million on plan to develop homes for senior professors

The University of California at Los Angeles (UCLA) is bound to lose $7 mil from its university housing scheme of Westchester Bluffs development. The development consisting of homes for professors has failed to attract customers due to a changing real-estate market and a drop in faculty recruitment due to reductions in state financing. As a result, UCLA has been compelled to sell the homes to the public.