CityRealty Insider > New Developments in the News

New Developments in the News

FEBRUARY 17, 2009

The City Council hopes to use existing housing to help keep local dollars in the economy

The City Council and Mayor Bloomberg's office has announced their intent to turn unsold luxury condominiums into homes that middle-class families can afford. Speaking of the unprecedented boom in luxury developments cropping up "everywhere you looked, from Chelsea to Corona," City Council Speaker Christine C. Quinn spoke of the desire to give, "New Yorkers who were once nearly priced out of their communities…a chance to buy or rent one of the new homes that were built in their own backyards." Her speech and the accompanying press release provided no further details beyond the intent to buy the unsold spaces using existing funds.

Questions as to whether these intentions will be realized in time to preserve the city's creative, intellectual and aspiring success stories are likely to be raised.
Citing a study that found Manhattan to be, "by far the most expensive urban area in the United States, with an aggregate cost of living (224.2) more than twice the national average (100)," the Center for an Urban Future noted that "a recent survey found the city to be the worst urban area in the nation for the average citizen to build wealth," adding that "For the first time in its storied history, the Big Apple is in jeopardy of permanently losing its status as the great American city of aspiration."

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