Would you live in rent controlled teacher housing?
In New York City -- land of ridiculous rent -- a 234-unit housing project is being developed specifically for educators.
The $28 million project is backed with the New York City Teachers' Retirement System. Some are saying that this project could be the model for other cities in with soaring rents. Read more about it here.
Out here in Howard County, I constantly hear that teachers cannot afford to live out here. Many have to live in cheaper counties and commute long distances just to go to work each day.
10:23 a.m. UPDATE: This story hits close to home. There are plans to convert a building at 2601 N. Howard St. (Baltimore City) into 40 apartments for new teachers and office space for nonprofit, education-oriented groups. The project is slated to open in late spring 2009. Thanks to Sara for calling this to my attention.
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Comments
It's not a bad idea; if Baltimore had such a system when I first moved down (coincidentaly, from New York), I probably would have taken advantage.
I also like the idea that it helps to fund the retirement system.
Maryland participates in the Teacher Next Door program, which makes it a little easier for teachers (among other service professions) to buy houses. However, the guidelines for the houses themselves have really tightened up since I bought my house and it's not as easy as it used to be. Since New York State doesn't participate in the program at all, this sounds like a pretty good alternative.
Posted by: Claude | October 16, 2007 10:00 AM