Wednesday, June 24, 2009

New York Luxury Condo "Goes" Homeless Shelter

A luxury condo development in Brooklyn has been turned into a homeless shelter. The city will pay $90 a night for an apartment which includes marble baths and granite countertops. The original sale price for each apartment was approximately $350,000, but as a result of the housing market decline the developer and a non-profit agreed to use it as homeless shelter. Local neighbors who liked the idea of having a luxury building in their area started a petition to stop the condo from being used as a shelter. In addition, some who were considering buying or renting a unit are unhappy that they have been turned away. The condo developer and the Department of Homeless Services believe they used "outside the box thinking to benefit all those involved." Regardless how you feel about this particular solution to the homeless problem it is important to consider giving to charities working in this area. Today, with the state of the economy and the recent housing crisis, charities assisting the homeless are under great demand. You can review some highly rated charities working in this cause here.

1 comment :

Luke said...

I like the general idea but...

Let's see, $90 a night x 30 days = $2,700/mo. Right now a 30 year mortgage for $350,000 at 6% would cost you $2,100/mo.

Yeah, real "generous" of the developer who couldn't sell in this market anyway.