Affordable housing

Manhattan Contrarian:
On Monday, [New York City Housing Authority (NYCHA)] housing officials unveiled the staggering price tag to remedy the conditions and restore Nycha’s infrastructure to good working order: $31.8 billion over the next five years. . . .
Now we're closing in on $200,000 per apartment. The Zillow website gives the median value of a home in the U.S. as $216,000. So it looks like, any day now, it will be cheaper for NYCHA to buy each resident family a median home somewhere in the U.S., rather than trying to fix the deteriorated mess they have made for themselves.


Gringo said...

Decades ago I read a newspaper article on a homeless shelter in NYC. The daily cost for a bed among hundreds in a big room- beds maybe 3 feet apart- was multiples what I paid for a 500 square foot apartment.Austerity can be expensive in Noo Yawk!

OTOH, if my cousin and her husband ever decide that NYC is too expensive, they can always more to an inexpensive house they own in flyoever country.

Eric Blair said...

The expense of NYC has driven a lot of people out. Philadelphia has experienced a sort of boom of building and business growth because of this.