Quote:
Originally Posted by Camelback
I'm surprised that there are any number of homes listed under $100,000 in New York City! They must be absolutely awful places.
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They're not. You'd be surprised.
They're HDFC units with income caps. Some of the income caps are very very low (like $30K). And you're limited as to who you can sell to in perpetuity.
Hence the low prices. I've known a few people who've kicked around the idea of buying one when their income dropped for a year or two (to go back to grad school or when they were unemployed) but ultimately decided against it because of the future limitations.