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Let me mention a case I know of at second hand: penthouse apartment facing Central Park. Assume that the owners decide that it is the socially responsible thing
by cafard 9y ago
Let me mention a case I know of at second hand: penthouse apartment facing Central Park. Assume that the owners decide that it is the socially responsible thing to sell the apartment. Now, clearly, the next occupants will not be formerly homeless: the homeless can't afford it, and the coop board wouldn't have them. What are the odds that the sale causes an effect all the way down from the 5th Avenue world to the sort-of affordable world?
- sp332 9y agoI think selling to someone who will actually live there instead of someone who will just visit sometimes will increase local housing availability. It might also push the price down substantially. That means someone local might be able to afford a penthouse who otherwise would not. And while that individual buyer is probably not homeless, it does take them out of the market for lower-scale apartments which decreases pressure right down the line. It could literally reduce homelessness at a 1:1 rate.