Bubble Wrap

City Dealing to Make Luxe Condos Cheaper

The Post reports on the city’s push to expand their affordable housing portfolio by putting vacant apartments on the market at steep discounts. Negotiations are underway with a few banks who may be eager to unload their foreclosed property, but the banks would have to take significant losses.

A $500,000 luxury condo might be marked down to $300,000, suggested Rafael Cestero, the city housing commissioner.

In return for the markdown, developers or bankers would get up to a $50,000 city subsidy for each apartment.

He added that if the prices are right, the city would be prepared to buy unfinished buildings, as well as those where at least 50 percent of the units are empty.