4,000 new luxury condos sitting vacant

$3.8 million in back taxes for 4,000 vacant new luxury condos implies a $950 debt per condo. Seizing a condo for a $950 debt seems like a valid suggestion to whom?

somewhereelse,

Did Hakeem Jeffries, have anything to do with this story? LOL.

This whole study sounds like a ridiculous manipulation of stastical data. And if they ARE seized for low-income use, who will pay the future RE taxes (which, I assume, will remain what they are, right?)?

I wonder what the delinquency rate for these is compared with all RE, water and sewer taxes city-wide.

And I like the way they demonstrate "need" in a neighborhood by talking about the large numbers of low-income people in those neighborhoods, when of course almost all the low-income people are in the low-income housing projects in those neighborhoods, which only allow low-income people to rent.

There's no way more than a handful of these units will ever become affordable housing under the general 60% of AMI or lower guidelines. I could, however, see the City somehow getting some of these into the middle income (130% to 175% AMI) programs. At those levels they'll be essentially getting market rate rents in some of these neighborhoods anyway. The modern day Mitchell Lama program in full effect. Any they're already built!

It seems half-baked: it takes money to finish abandoned buildings, and if the city makes them into homeless shelters, who will pay re taxes?
I agree that buildings in default should get auctioned by the city, with a posted bond to ensure completion of the buildings. Whether the units get sold or rented shouldn't matter.
Affordable housing is a completely different issue. It would be an incredibly costly and wasteful solution.

at the current sales pace of new construction, how long would it take for these to get sold?

When inventory was 7k, the estimate was 1.5 years...... so this is probably a little under a year additional inventory (on top of current inventory).

are you joking me ??? i doubt if even 100 new construction places close in a month