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Everything is Relative

It’s typical that the people who work at Colorado’s ski areas can’t come close to affording to live there — property values shoot up and squeeze them out. But the city of Aspen vowed to do something about it: its new Burlingame Ranch development set aside four new homes to be sold as “affordable housing” at cost. “The market is incredibly tight,” said Jack Wheeler, Aspen’s capital asset director. To qualify for the three-bedroom, two-bath homes with an unfinished basement and a single-car garage, buyers must have no more than $900,000 in assets and must pre-qualify for loans to qualify for the lottery to buy one — for $1.3 million. (RC/Aspen Times) ...And how many could they have housed in a $5 million apartment building?
Original Publication Date: 29 May 2016
This story is in True’s book collections, in Volume 22.

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