It’s a great idea – get developers and landlords to lower the prices and rents of apartments that aren’t selling or being rented.  They want  to  “turn unsold or stalled units intended to be sold or rented at market rate into affordable housing.”

What a funny statement, right?  Shouldn’t  Market Value mean what the market is willing to pay?   If something isn’t affordable, doesn’t that mean the market isn’t willing to pay it?  So, if the price is not affordable, then it must be above market value and should be lowered until it is affordable.   Only then can it be called market value.

Right?

Via Gothamist: Stalled Condos Will Become Affordable Housing in City Plan