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Showing results for tags 'private sector'.
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Being in real estate, I'm always reading industry news and I came across an article that really stood out to me and after researching more.. it turns out this isn't a novel idea. Apparently this is a growing trend in big cities like London and NYC. With prices in large cities climbing higher and higher, new housing developments are being required to include a certain percentage of 'affordable housing' options in order to get final 'planning permission.' So these upscale developers are addressing this 'problem' by adding 'alternative' side entrances for the building's lower-income residents. Often, it's not just a side alley entrance for 'poor people' but entirely separate common elements like mailboxes, garbage disposal facilities, and staircases. So this literally creates a separation of the 'affordable' housing condos from the rest of the luxury development.. so the rich people never have to accidentally run into the 'lower class' condo owners while living in the same building. My initial reaction was that this is pretty crazy and I couldn't believe these 'poor doors' were being approved by the housing authorities in these cities, but then those same authorities were the ones mandating these 'affordable' units before approving the whole project in the first place! I get that they want a diverse mix of residents in very expensive cities but this is just an example of how screwed up the Fed's inflation policies are... the rich spend their money like it's water because otherwise that money looses value through inflation, so they don't care about paying more and more for the condo units, but how do we, as a general society deal with this new 'class segregation?' Here's the article about the new condo building in NYC: http://www.newsweek.com/new-york-city-approves-poor-door-luxury-apartment-building-260218