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Quinn: Turn Unsold Condos into Affordable Stock

NEW YORK CITY-Council Speaker Christine Quinn proposes that the city buy vacant luxury units and offer them for sale or rental.

By Paul Bubny | Updated on February 12, 2009

NEW YORK CITY-Developers could sell vacant luxury condominiums to the city, which would then make them available as affordable rental or for-sale housing under a program proposed by Council Speaker Christine Quinn. The speaker made the proposal public during her State of the City address on Thursday.

“I’ve got nothing against high-end development,” Quinn said on Thursday. “In fact, this Council approved much of it. But no one could have predicted this. Thousands of those homes never sold, left like tarnished trophies of the building boom. These vacant apartments now represent our best asset in the fight for affordable housing.”

Where developers have units they cannot sell, said Quinn, “the city will negotiate the lowest possible price, and make these homes affordable for middle-class families to rent or buy. Using existing funds, we’ll add thousands of new affordable homes.” She adds that the program would add the affordable stock via units that are “already out there, just waiting for someone to call them home.”

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