The rue Saint-Honoré, located in the first arrondissement (district) of Paris, is possibly one of the city’s most elegant streets. Its pavement is lined with luxury boutiques including Hermès, Yves Saint-Laurent and Colette.
The glitzy neighbourhood has long been out of reach for the city’s low- and moderate-income residents. But all that changed this week when city officials inaugurated 12 mixed-income housing units in a newly renovated building at 334 rue Saint-Honoré.Rent will start at 300 euros per month for a studio. But the 51 apartments created for 'the poor' cost 16.5 million euros in renovations and development alone. Or about 325,000 euros ($355,000) each.
Justified by the city's Communist Party official, Ian Brossat as, 'to create social diversity'. Which opportunity cost will be paid by the low income Parisiens who aren't lucky enough to be selected for one of the 51 units. If the goal is for the taxpayers to provide housing for the people who otherwise can't afford it, it might make more sense to do just that; build as many apartment units as you can for the money you have. Where the acquisition costs are the lowest.
If the Communists wanted to help the poor, that is.