Friday, January 12, 2007

Where's the Affordable Housing?

The architectural, engineering and planning firm Montilla-López has designed 10 condominium projects that together have a sale value of more than $176 million and are due to start construction early next year. Of the 193 units that the 10 projects put together represent, 151 are in the Condado area alone. According to architect Federico Montilla-López, there are another 20 to 30 similar projects in the area that are due to start construction next year, while another 10 have either been recently completed or are due to be completed within a year...

The architect explained that due to the price of land in Condado, which is averaging $4,000 per square meter, and the rising cost of building materials, developers have adopted a floor-area-and-pricing standard for condominiums that amounts to approximately 2,500 square feet and $1.2 million per unit.

Does affordable housing exist anymore? All we hear about now are expensive condominiums going up. How many rich people are there in Puerto Rico anyways. Read the rest of the article at Puerto Rico Wow

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