Great deal SIS, had not heard of this.
xerty, I completely agree that this has problems as policy. You point out it props up housing prices…it also discourages honest income reporting, earning raises, or getting second / side jobs.
Our apartment developments have similar incentive problems. In return for substantial property tax breaks, some of our units are “income restricted”, I’m not objecting to the general formula of “tax breaks for affordable housing”…but it shouldn’t encourage people to park within a narrow income band to either stay in their home, or suffer a sizable rent increase.