Getting Sober in the New Economy
As we stated in the "Affordable Housing Myth," are we really doing families with moderate incomes any favors by encouraging them to buy housing that is poorly built, expensive to maintain, and very difficult to sell? What benefit is there to saddling low and moderate-income families with impossible maintenance burdens? When we sell housing with hidden defects and even normal maintenance costs that greatly exceed expectations, does the buyer really own anything? More likely, we have asked these families to assume a crushing liability. Given the realities of the economy and the shaky condominium economic model, is attached for-sale housing really the best solution for low-cost housing? Could rental apartment buildings be a better answer?
Tyler Berding takes on a big question: is renting an apartment a better deal than buying a condo?
Thanks to Fred Pilot for the link.