St. Petersburg to launch tenement housing development programme
2010-03-06
The St. Petersburg authorities are planning to develop a programme which involves the introduction of tenement houses in the city in 2011. The city officials intend to invite private investors to join the programme; for example, obsolete city-owned housing could be auctioned out for rebuilding and conversion into tenement houses. However, experts, quoted by Rbc Daily, point out that the profitability of renting out economy-class apartments is too low to be of interest to private developers.
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