New York City announced Wednesday a pilot program to turn empty or stalled condominium developments into affordable housing, an idea consumer advocates have been pushing for years.

The program, which aims to convert as many as 400 units, is designed to provide grants to real-estate developers and lenders to subsidize the completion of developments if the owners agree to turn the building into rental units for middle-income families, which in New York means an income of up to $126,720 for a family of four.

The pilot project will be funded with $20m of city funds, but could be expanded at a later date if initial results proved successful.

Wall Street Journal