Advocates push to convert vacant luxury condos to affordable housing

New York /
Nov.November 05, 2009 10:00 AM

The number of New York City apartments available to low-income families has decreased dramatically over the past decade, and affordable housing advocates are urging the city to use its plentiful failed luxury development projects to reverse that trend. After reporting that there are 601 troubled condos in the city last month, the New York chapter of Right to the City, which fights against displacement of the urban poor, is arguing that these troubled properties be turned into affording housing. In Downtown Brooklyn, for example, the 246 new [email protected] condos are 90 percent vacant and priced at $436,000 on average, the report said. Turning abandoned projects like those into government-subsidized homes for families earning less than $37,000 would help fight back against the loss of 198,370 city apartments they would have been able to afford between 2002 and 2008, advocacy groups say. Through the Housing Asset Renewal Program, the city has already pledged $20 million to convert condos to moderately priced housing, but some say the program’s income cap of $69,000 per year for a single person means it will not help the poorest of the city’s residents. [NYT]


Related Articles

arrow_forward_ios
Home sales were the busiest January on record, but still the fifth month of decline in a row. (iStock)
Pending home sales fall for fifth consecutive month
Pending home sales fall for fifth consecutive month
CBRE CEO Bob Sulentic. (CBRE, Getty)
CBRE’s 2020 earnings down 8%
CBRE’s 2020 earnings down 8%
January is the second consecutive month of increase in new home sales. (Getty)
Sales of new homes up 4.3% in January
Sales of new homes up 4.3% in January
(iStock/Illustration by Alexis Manrodt for The Real Deal)
US home prices are more than 5% too high: Fitch
US home prices are more than 5% too high: Fitch
The Texas snow storm was partly responsible for the decline in mortgage applications. (Getty)
Texas storm, increasing rates freeze home mortgage market
Texas storm, increasing rates freeze home mortgage market
(iStock)
US home prices jump 10.4% in best year since 2013
US home prices jump 10.4% in best year since 2013
Realogy CEO Ryan Schneider
Realogy’s revenue hits $6.2B after housing rebound
Realogy’s revenue hits $6.2B after housing rebound
Housing inventory fell to a historic low  last month. (iStock, Andrew Wyeth via MOMA)
Home sales, prices rose in January as inventory hit new low
Home sales, prices rose in January as inventory hit new low
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...