"People often use condo as a synonym for apartment, but it refers to a particular arrangement: Residents own their unit and share possession of their building's common areas and the surrounding property. Thanks to their efficient use of land, condos cost significantly less than single-family homes in nearly all major cities."
"Construction of virtually every kind of housing plummeted during the Great Recession, but condo production has proved especially anemic in the years since. Large cities have generally stopped building them, forcing more and more urban families to either remain renters or depart for the suburbs."
"Condominios were popular in Latin America long before they came to the United States. Inspired by their neighbors, Puerto Rican legislators enshrined condos in American law for the first time, in 1958. On the mainland, condos took off in Florida, where they appealed to affluent retirees by offering both on-site amenities and freedom from landlords."
Single-family homes, historically the primary path to homeownership for Americans, have become unaffordable due to soaring prices. Condominiums emerged as an affordable alternative, particularly in expensive coastal cities, because they use land efficiently and cost significantly less than detached houses. However, condo production has stagnated since the Great Recession, with large cities largely ceasing construction. This shortage forces urban families to either remain renters or relocate to suburbs. Condos represent a distinct ownership model where residents own individual units while sharing common areas and property. Policy makers can reverse this decline through legislation, as demonstrated by other countries' approaches to housing development.
Read at The Atlantic
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