Submitted by Trung Truong, Mar 9, 2007 01:04

Mr. Spinola is failing to see a growing need for the city. The majority of Urban New Yorkers are making well below average medium income. Though, the investment value on such projects as affordable housing may not be high yielding, the economic impact will be much more fruitful than building luxury condos. From a Developer's point of view: in a housing market of cooling condo sales, over-development of luxury condos, and questionable lending practices (which leads to institutions tightening up and making borrowing harder for buyers), affordable housing is not a bad strategy. Bloomberg announced last month that he will increase funding from 3.4 billion to 7.5 billion for preserving and building affordable housing. As a developer, you shouldn't chase a demand that doesn't exist or create more supply for a market that is having a hard time selling off existing inventory, unless your that optimistic... I suppose; even then, numbers don't lie.

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