This sort of thing happens just too often in the Big Apple.
NYC Turns Luxury Units Into Shelters For Homeless
YES WE CAN(be very stupid) Says the City of NY.
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. (I think I might become homeless in NY. I don't have Granite or marble.)
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. (That is one heck of a rent payment. With zero down, and a 6% interest, you could pay a $400000 mortgage for that money and still have change)The figure also covers social services, including job counseling.
See the full story on NYC's stupidity here
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