Residents of Southbridge Towers, the 1,651-unit Mitchell-Lama complex near the South Street Seaport, seem to be edging closer to exiting the affordable housing program and allowing for the sale of their apartments at market-rate values. Dueling factions at the property have long debated whether to exit Mitchell-Lama–a move that would likely result in substantial windfalls for residents, who stand to make between $300,000 and $1 million per unit, according to one study. The complex recently elected several residents to its board who are in favor of privatization, or leaving Mitchell-Lama, giving them a majority voice on the board. more [Downtown Express]
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Southbridge moves closer to Mitchell-Lama opt-out
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