Not exact matches
In recent years, it's courted controversy from critics in New York, who say the site depletes the city's
affordable - housing stock and encourages rapacious entrepreneurs to
convert long - term housing into more profitable short - term
rentals.
Launched «Neighbors for Neighborhoods» in August 2016, a $ 4 million pilot program that will enable land banks to provide subsidies for local community members to take over individual, abandoned properties and
convert them into long - term
affordable rental units.
«In a city with a profound shortage of
affordable housing, unlawfully
converting rental units to operate hotels has got to stop,» Feuer said in a statement.
The Fed paper also addresses
converting foreclosed properties into
affordable rentals.
Recognizing the need for
affordable housing, and increased building costs and land restrictions in many markets over the past 15 years, developers and investors have been turning attached
rental stock into for - sale condominium communities — and the movement to
convert has never been stronger than in the past year.
Last month, the Obama administration asked for proposals on how to
convert at least some of Fannie Mae's and Freddie Mac's bulging inventories of foreclosed homes into
affordable rentals..............................................