Moderate Income Housing Plans For Half-Finished, Half-Empty Condo Projects Cluttering NYC Skyline Face Complications

In New York City, The New York Times reports:

• As a rising number of half-finished and half-empty condo projects clutter the skyline, state and city officials have begun developing programs to turn hundreds of these apartments into moderate-income housing. But those efforts have proved far from easy. With budgets tighter than ever, there are few financial incentives to entice developers and lenders. And there are the practical challenges of selling apartments to buyers for far less than what their neighbors paid, not least among them possible complications for market-rent buyers, whose mortgages often depend on the building’s financial status.

For more, see City Seeks to Turn Stalled Projects Into Moderate-Income Housing.