Submitted by Alexander Medwedew, Apr 10, 2007 20:43

Foreign investors see the potential of selling many of the rental apartments as condos or coops. The backlash against construction of highrises has prompted communities to change zoning to limit building heights in order to protect their neighborhoods. This only makes the older housing more valuable for conversion or use as high priced single family housing for smaller buildings. Prices of $1500 a square foot are not unheard of on the Upper West Side for converted units. Many residents of these older buildings look forward to the opportunity to buy at any price thinking they will be able to sell for much more.

In order to stem the tide of high priced existing housing, the city planning commission must promote more new higher density construction as well as inclusionary housing. This can only be done by changing the zoning to promote new construction. New construction creates higher paying construction jobs that are badly needed by lower income residents. Inclusionary housing guarantees available housing for the displaced and the elderly. The jobs provide income to allow housing to become more affordable.

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