The downtown Boston market has been flooded with new luxury condos over the past few years.

For most people not making Wall Street-sized salaries, there has not been much to look at here.

Now many of these units are sitting on the market, unsold and waiting for better times.

But instead of just letting them sit empty, why not take some of these units into affordable condos for middle and lower income families?

Down in New York City, not exactly a hotbed of affordability, they are talking about doing something like that.

Check out this article from the New York Observer that was forwarded to me by a B&T colleague of mine.

Big Apple officials are preparing to dole out $20 million to help developers on stalled condo projects finish work. In turn, the developers would set aside units for moderate and middle income families.

The initial target is 400 units.

It will be interesting to see how this one turns out.

But it sure shows how the housing market has shifted. Luxury is out and affordable is in.

This entry was posted on Thursday, July 9th, 2009 at 3:49 pm and is filed under Uncategorized. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.