New York City is housing some homeless families in Brooklyn luxury condos.
The condos couldn’t attract buyers in the current housing market. Now they’re filling a need for some of the city’s “unprecedented” number of homeless families, according to a report in The Daily News.
The apartments in Crown Heights were supposed to sell for $250,000 to $350,000. The amenities include granite countertops, terraces, marble bathrooms and walk-in closets.
Developer Avi Shriki says he had to come up with a Plan B “when the market went south.” He signed a 10-year contract with the Bushwick Economic Development Group to turn the building into a shelter.
The city is paying about $2,700 a month for each apartment. The figure also covers social services, including job counseling.
(Source: CBS2 HD)
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2 Responses
Upper class housing frequently gets turned into lower class housing. Nothing new here.
If dumb realtors overbuild luxury housing and underbuild lower class housing, the market will self-correct, regardless of what the government policy is.
Why does the city have to pay so much for each apt.? Is that the normal rent for that neighborhood?