Rhode Island has spent an eye-popping $52.2 million to produce 200 rental units since voters approved a $120 million housing bond in November 2024, a local nonprofit research organization has revealed.

The Rhode Island Public Expenditure Council’s 35-page report reveals the imprudence commonly found in government-financed housing initiatives. The Ocean State subsidized half of each rental unit’s development costs, which RIPEC found were almost 50% higher than in the private sector.