From City Hall:
Some see the failed projects as nothing more than monuments to a reckless development era. But others have seized them as an opportunity to try and reverse-engineer the city’s housing bubble by paring down the city’s condo glut and adding to its affordable stock.
Housing advocates and policymakers are piecing together plans to convert many of those luxury units into cheaper ones, either through subsidies, affordable housing programs or new tax incentives. Or perhaps even government intervention.
The plan is seen by advocates and even some developers as a creative if untested strategy for easing the city’s housing woes as credit tightens and prices plummet.