The Real Deal New York

Quinn: unsold condos could be affordable housing

February 12, 2009 02:39PM

In City Council
Speaker Christine Quinn’s state of the city speech today, she said the
city should buy unsold luxury condo units and turn them into subsidized
housing for middle-income families. Quinn said buying the condos would
create thousands of affordable housing units. Quinn also called for the
repeal of the Urstadt law, state legislation that leaves major housing
policies up to the state government. If repealed, the City Council
would have more authority in dealing with issues including rent
regulation. The state Assembly passed the repeal of the Urstadt law,
which now has to be passed by the Senate.

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