No Progress in Program to Convert Luxury Condos to Affordable Housing

A year-old program in New York City intended to convert stalled condo projects into completed affordable housing has yet to make any progress.
September 17, 2010, 5am PDT | Nate Berg
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"The program was heralded by pundits and politicians alike as brilliant, gaining national attention in part for its novel, even ironic, twist-in which the luxury housing that had so battered affordable housing would be turned into it. The Bloomberg administration and the City Council set aside $20 million for a pilot program, with the hope of converting 400 units from luxury to affordable, with more no doubt to come, following the programs presumed popularity.

On HARP's first anniversary, not a single unit has been converted, not a dollar spent."

Officials say the program is still trying to make conversions, but few property owners, given the demand for housing in New York City, don't seem to need the city's help in dealing with these expensive projects.

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Published on Monday, September 13, 2010 in The New York Observer
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