Diana Ionescu wrote:

"Developed in the midst of the COVID-19 pandemic, Homekey provides local public entities with large, capital grants that can be used to purchase existing buildings and convert them into housing for people experiencing or at risk of homelessness."

According to the blog, "All told, Homekey 1.0 added 6,000 rooms and/or units to the state’s supply of interim and permanent housing in under six months, at an average initial cost of $238,000 per unit," less than half the average cost of building an affordable housing unit in California. 

"We find that Homekey’s grant structure–coupled with giving jurisdictions flexibility in how to use the funds–allowed them to move quickly to respond to local needs." Additionally, "Homekey’s emphasis on speed—facilitated by regulatory streamlining—made all the difference in how quickly localities were able to get people housed."