Saturday, September 16, 2006

What This City Really Needs

What this city really needs is housing in the $250,000 range for singles, downsizers, and young couples who don't mind living in somewhat tight quarters. Imagine how the city would change if anyone who wanted one could buy a decent place with $25,000 down and a $1,315 monthly mortgage.

(The Mayor's Office of Housing sure isn't making much progress in providing "below market rate" homes.)

Might this become possible if buildings with more than six units could be converted to TIC, stock cooperatives, or condos?

Giving up high minded free market idealism for the moment, let's imagine the City introduced a program that allowed 6+ buildings to be subdivided and sold as individual units. Tenants would be given first option to purchase, and units 1000 square feet or less would be capped at $250,000.


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