What a waste of time. Who cares about the name of a street. People focus so much time, energy, and money (not to mention public time energy and money) on things that don't matter when we have real issues that need to be dealt with, and quickly.
How about getting some of the current transit projects fixed up so that they actually finish during our lifetimes? Or fix the housing crisis? Or deal with all the empty office space? This city has countless problems, many from neglect over the decades, and people think that changing the name of a damn street is more important.
People need an ego check.
Of course $7500 isn't nearly enough for pulling someone out of homelessness.
To be honest, I think it's far more efficient to give the homeless proper homes with locking doors and a respectable level of privacy as well as access to clean water and some sort of minimum level of food (like an infinite supply of rolled oats). It doesn't need to be a big home, even something little better than a capsule hotel room would be enough.
The homeless stay homeless because nobody can pull themselves together if they're constantly stressed trying to figure out how to even reach the next day. It's even worse when you don't have access to a shower to clean yourself up to be presentable enough to get through an interview at even the most unwanted jobs.
It's the single biggest reason why mental illness is so rampant amongst the homeless and few ever repair their lives.