McMansions Go Section 8

The bust of the housing market has put a fleet of atypically nice homes into the Section 8 subsidized housing pool.
August 3, 2010, 9am PDT | Nate Berg
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2,00-square-foot homes in places like Las Vegas are now included in the federal government's housing subsidy program, mainly due to overambitious development that would otherwise be left empty by the crash of the housing market.

"[O]verbuilding during the housing boom has left so many homes available that landlords, desperate for renters, are wooing Section 8 recipients, whose government subsidies, delivered electronically, guarantee the landlord gets paid. As a result, Section 8 recipients suddenly have a housing smorgasbord.

Plenty of average housing stock remains in many places, but in certain markets, there are also more upscale selections. On the website GoSection8.com, landlords nationwide tout boom-era showpieces-replete with "great rooms," backyard swimming pools and built-in stainless-steel barbecue grills-that once sold for hundreds of thousands of dollars. Las Vegas has been one of the nation's hardest-hit real-estate markets."

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Published on Monday, August 2, 2010 in The Wall Street Joural
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