Here we go again with the downtown housing. A few days back, the Post-Gazette was reporting that medium-range housing is what really needs government assistance.
While housing has helped to boost the fortunes of the Downtown district, it has been out of the reach of many people because of the price.
At the same time, Pittsburgh Downtown Partnership research has found a "tremendous demand" for a middle range that includes young professional housing and work-force housing, said Patty Burk, vice president of housing and economic development.
... Part of the problem in providing more affordable housing in downtowns, here and elsewhere, is the high cost of construction, which leads developers to focus on the high end to turn a profit. Lower pricing typically requires some form of subsidy.
Well, of course lower-end housing needs assistance. So why isn't there more of this money available for the working-class housing Pittsburgh so desperately needs? Um... from today's Post-Gazette:
Thursday's grand opening of Bedford Springs Resort marks a milestone in its $120 million rehabilitation, capping more than two decades of monumental efforts to revive the Bedford County mountain retreat.
It also represents one of the largest projects in Pennsylvania to take advantage of a federal tax credit program that has spurred nearly $300 million of investment in Pittsburgh the past decade.
Examples include Downtown's Renaissance Pittsburgh Hotel, Heinz Lofts on the North Side and the Armstrong Cork Factory, a $60 million project with three luxury apartment buildings that opened in May in the Strip District.
Three luxury apartment buildings? I thought that developers recouped the cost on those by charging more rent? Huh.