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Monday November 26, 2007
Many condos are currently selling for $225 to $250 per square foot. When it hits $175, Miami Commissioner Marc Sarnoff wants to buy units and subsidize them for teachers, police, etc. Sounds like a no-brainer, but when condo prices really bottom out, those folks may not need subsidies. The article also points out some trade-offs with building dedicated low-income housing.
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Same thing going on in this community 30 minutes north of Atlanta.
Why don’t we have more Commissioners committed to improving our infrastructure like Sarnoff? Affordable housing is the second greatest obstacle for attracting qualified teachers and first responders. Higher pay is still #1.
A government-assisted condo buyer program? Creepy, very creepy
can you say bail-out
City Dept. heads, their families and friends paying little or no rent in tax-subsidized luxury bayfront condominiums.
I understand how it’s easy to assume this is a scam ripe for corruption, but Seattle runs a program like this and it seems to be working well. I honestly believe that Sarnoff means well – I just wish him luck preventing all the other hands from sneaking into the cookie jar.
whether it’s a scam or not it is a bailout.
I wonder if they will pass another law to make sure this never happens again for the rest of eternity, or if they’ll simply let the same developers start right up again when the prices go up.