New Idea for Ghost Condos: Developer Grants to House Families Making About $100K
The Times gets to that today, and also to an alternate plan from the New York State Housing Finance Agency -- one that would distribute $5 million in government funds as grants to help, shall we say, better-than-moderate income buyers get into those ghost condos. "A single person or couple making $92,160 or less would qualify to buy a $380,000 apartment," says the Times. " A family of three or more making $107,520 would qualify to buy a $411,000 apartment." It has been argued that you need $123,322 a year to be middle-class in the city anymore, but did you ever imagine someone making $92,160 could get a $40,000 government grant -- payable to the developer -- to move into a condo?
For purposes of comparison, the NYCHA ceiling for public housing applicants is $61,450 for a family of four.