Expensive cities like New York and Seattle are trying to find ways to change failed luxury projects into affordable housing for families with moderate incomes.
Seattle has a measure on the ballot in the next election that would create a fund to buy market-rate real estate developments. New York is studying a plan to subsidize unsold or half-built apartments to make them affordable for families earning between $55,000 and $158,000,
Cities need affordable housing for teachers, police, and firefighters, says Alan Berube, research director of the Brookings Institution's metropolitan policy program.
Source: USA Today, 07/01/2009
