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Converting Apartments To Condos Carries A Heavy Price

Posted by: Brenda Meyer
Thanks to: Brenda Meyer
8 June 2005 - 8:00am

Many D.C. area renters are being forced out of their apartments to make way for the condo craze.

"Landlords seeking to exploit skyrocketing real estate prices are converting apartments into condominiums at a blistering pace, a trend that is providing new buying opportunities for some of the region's middle-class residents but is also pushing thousands of less-affluent residents out of their homes.

Five thousand area apartments become condos in 2003, and a whopping 14,500 in 2004, according to Delta Associates, a real estate consulting firm. The number of conversions this year is expected to far surpass last year's total, housing officials say."

Full Story: Putting Renters in a Tight Spot
Source: The Washington Post, June 7, 2005
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In the long term, removing major urban freeways should be part of a more comprehensive approach to reduce automobile dependency by promoting public transportation and transit-oriented development.
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