One reason the U.S. government pushed for homeownership is because it’s thought to reduce turnover and build strong communities. Owners have a vested interest in their properties whereas renters don’t—but what if were to change?
Hong Kong, for example, has a significant number of apartment buildings where units are rented out as shells and it’s the responsibility of the renter to finish them and make them habitable. Renters have a reason to stay put and maintain the unit because they effectively own a chunk of it. When they do move out, a new renter adds a new interior, so units are always being updated.
Can this setup work for rental buildings in the U.S.?
Source: Metropolis
Related Stories
| Jul 22, 2011
Five award-winning modular innovations
The Modular Building Institute's 2011 Awards of Distinction highlight fresh ideas in manufactured construction projects.
| May 16, 2011
Autodesk and the USGBC announce multifamily design competition
Autodesk is partnering with the U.S. Green Building Council to sponsor the organization’s multifamily midrise design competition, which will give design professionals and students an opportunity to present their solutions to sustainable, multifamily midrise design.
| Apr 12, 2011
Luxury New York high rise adjacent to the High Line
Located adjacent to New York City’s High Line Park, 500 West 23rd Street will offer 111 luxury rental apartments when it opens later this year.
| Mar 22, 2011
Mayor Bloomberg unveils plans for New York City’s largest new affordable housing complex since the ’70s
Plans for Hunter’s Point South, the largest new affordable housing complex to be built in New York City since the 1970s, include new residences for 5,000 families, with more than 900 in this first phase. A development team consisting of Phipps Houses, Related Companies, and Monadnock Construction has been selected to build the residential portion of the first phase of the Queens waterfront complex, which includes two mixed-use buildings comprising more than 900 housing units and roughly 20,000 square feet of new retail space.