City to Turn Unsold/Stalled Condos into Affordable Housing - Willamsburg?

cant tell whether this is bullish for new construction as it put a floor on pricing, or bearish as buyers will now discount their offers for the possibility, however remote, that the city will buy the unit next door and put it up for lottery.

whats the difference between a moderate income family and a middle income family?

I think this a good move by the city, but 400 units isn't really a massive number at all. Since they're targeting small and mid-size developers, it'll probably be scattered throughout the city, not focused on any particular neighborhood. I also don't think this has much to do with stalled construction sites - there's no indication here that the city plans to finish construction (or in some cases start it) itself. On top of that, the larger developments in Williamsburg already have a sizable affordable housing component, so I highly doubt they'd be targeted. We're probably looking at neighborhoods that are mostly pretty far outside Manhattan, I'd guess - south and eastern parts of Brooklyn, parts of Queens, etc.

> I also don't think this has much to do with stalled construction sites

Strange... because thats what the article is about.... "unsold condominiums and stalled residential construction "
even bloomberg mentions unfinished.
"Private developments that sit vacant or unfinished"

You reading a different article?

And the city doesn't have to do the building, it might simply pay the developer to finish the stalled project. They're talking about putting $50k in per unit.

"And the city doesn't have to do the building, it might simply pay the developer to finish the stalled project. They're talking about putting $50k in per unit."

Well that's certainly possible, but I'd think they'd target buildings that are already built and are sitting unsold first, no? Either way, like I said, I don't see any indication of them targeting a specific neighborhood, especially given the nature of the kinds of developments they're talking about. Hopefully this is successful and they can expand it some.

"A $20 million pilot program designed to turn unsold condominiums and stalled residential construction sites into as many as 400 affordable housing units for moderate- and middle-income families was unveiled today by city officials. "

but letting those buildings go to foreclosure could create way much more than 400 affordable units and save the $20 million!

When city officials say moderate and middle income families what salary ranges are they referring too?

As they said this will be a pilot program, if this pilot program has a successful story which I hope it does for the moderate and middle income families 400 units will become 1200 units and so forth throughout the city. It will be great to see government employees (the backbone of the city) occupy these units such as sanitation, ACS, police, court and corrections officers, postal workers and all those I did not mention who work daily to earn an honest living for their families and self.

I did predict this!

1989? Deja-vu all over again.

Watch what happens to all the New Dev. in Long Island City - they'll be moving more homeless in!

More good news for those savy Williamsburg RE inestors. Bjw you got swindled. Are you also dating Kari Farrell?

Of course you couldn't get more homeless people in the Lower East Side - there's so many flophouses already, none would fit.

Steve please cite 1 example of a flophouse in the LES.

Steve also cite 1 homeless shelter or article about homeless in the LES

FY, there are no abandon project in LIC.
Most of the projects are already 70% sold.

http://www.upress.umn.edu/sles/Chapter8/Images8/homeless-1.html

http://www.lesc.org/

Methadone clinics!

"there are no abandon project in LIC"

Yet.

Steve you are a moron. The picture you posted was from 30 years ago and that location has had multiple million dollar town homes for the past decade. Your other brilliant example was for a substance abuse center that's been there also for 30 years. Are there none of these on Fore Island, upper west side etc

you continue to show your ignorance and myopia

"but letting those buildings go to foreclosure could create way much more than 400 affordable units and save the $20 million!"

Not if the building is uncomplete. In California, the banks are actually demolishing uncompleted foreclosed houses because they don't want to pay the money to complete them. It is likely the banks might do the same thing here.

http://www.drug-rehabilitation.org/new-york/fire-island-pines.htm

fire island methadone clinics!

End of Williamsburg.

funny, petrzitz, but all wrong! There is no methadone clinic on Fire Island, you need to be more exhaustive in your searches. The list on the left is of EVERY CITY IN NEW YORK STATE. And at the bottom it says, "Our listings are extensive, and so if you failed to find Fire Island Pines, New York rehabs listed above, please call us at 866-SOBER12 for more resources on drug and alcohol programs."

Because there isn't one.

There is an AA meeting, though, just in case you ever decide to visit.

Homeless shelters in the LES:

Local business results for homeless shelter near Lower East Side, New York, NY

A.Bowery Mission Transistional Center
B.Project Renewal Inc-
C. Dwelling Place
D. Travelers Hotel
E. Grand Central Neighborhood
F. Clinton Family Inn
G. Church Avenue Merchants Block
H. Providence House
I. Anthony House
J. 85 Lexington Ave Womans Shelter

Anything else you need, petrzitz?

Anything else you want me to find?

Awesome... because perfitz definitely needs to get off the crack.

That would be devastating, nyc10022 -- NY's whole underground economy would collapse.

bjw2103,

Does this pilot program make you nervous?

About what?

no, because he didn't buy at the peak. He bought 8 hours after it.

nyc10022,

That means he is nervous

6 months later, not much going on with this. Oh well.

9 months later and prices are steadily declining. Oh well.

Nearly 2 years later, still not much going on with this.

Because not even poor people want to move to Williamsburg.

Touche! It does suck here. I'm thinking of moving to Washington Heights, where I can put my vast earplug collection to good use. Finally!

Oh no ... I think you must be confused.

Earplugs actually go into your ears.

Seriously, if you had $100mm would you live in Billyburg? Or wash heights or lic? And matt from
Coop prez nyc. Could you afford to move to nyc today if you hadn't bought pre bubble? FLMAOzzzzz

w67th, where would you live with $100m?

If I had to downsize?

actually earplugs are a good quick-fix for those who talk out their........

...bottom? Indeed.

thk god for your vast collection--you sure do a lotta talking out that orifice

Given your choice of screen name, I have to believe you're probably the wrong person to ask about orifices, but what do I know?

Anyway bottoms, when you're done trolling, would be great if you could address any of the data or points addressed to you in various other threads. You know, instead of disappearing conveniently all the time. I'm not holding my breath however (regardless of the orifice).

Nearly two years later, and your N W'Burg property continues to lose value!

How much?

Enough to hurt....

bj, just cuz everyone's trolling you (cept your beau, h'burg) doesn't mean youre paranoid

Bottoms, just cause you're typing doesn't mean you've got anything resembling a point. Keep on trolling...

bjw2103,

your property a lemming, still plan on selling your property? LMAO.

The Schadenfreude Trolls are out in full force today.

The revenge of the nerd hall monitor has the same agenda since 2006.