Even so, even in the private sector, it is unusual to receive a housing subsidy on that scale.
If Mr. Frank thinks his "affordable housing" goals are so popular, he can always ask Congress to appropriate money for any housing subsidy he desires.
But there's a less desirable side to this new boom: It is fueled by the same kind of government super-subsidy for housing that drove the boom and bust a decade ago.
Any remaining subsidy programs for housing should be smaller, better focused on low- and moderate-income households, on-budget (lodged in FHA), and transparent.
There are also signs that the rent rises caused by the shift in ownership are pushing up the bill for housing benefit, the rent subsidy paid to poor people.
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Ms. Quinn's plan would, through state legislation, create a new city tax credit for affordable housing developments and require developers who receive the subsidy to renew the below-market rate aspects of their buildings every 30 years, at the city's request.
The subsidy usually cited here is the one for low-income housing.
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In 2011, the city canceled a rent-subsidy program, called Advantage, that helped the homeless make the transition from shelters to permanent housing.
Mr. Bloomberg said the coalition supported the state's decision in 2011 to curtail funding for a rent-subsidy program, called Advantage, that helped homeless people make the transition from shelters to permanent housing.
However, it was massive government support for the housing industry through the mortgage deduction, rules such as the Community Reinvestment Act, and a multitude of subsidy programs that created the property bubble which burst so disastrously in 2008.
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