$739,000 for Affordable Housing?

Is any more evidence needed that something is dramatically wrong with the federal government’s Low-Income Housing Tax Credit program used to finance “affordable housing” than the $739,000 price tag for apartments built in Culver City, CA?

(From Reason)

In the absence of reforms to cities’ restrictive zoning codes and other regulations that delay, restrict, or otherwise increase the costs of new housing, developers will continue to pay extraordinary prices for land and labor, raising rents, and reducing the number of units they can feasibly bring to market.