There's a detrimental trend flooding the New York City market, and likely other luxury markets around the world: investors are flipping apartment buildings into high-end mansions.

In this article for The New York Times, Ginia Bellafante desribes a house on her block in the city that's undergoing extreme renovations to turn it from an 11-unit structure to a luxury 7,700-square-foot town home complete with lap pool and meditation room that will market at $18 million when all said and done.

During the past eight years, as the crisis of homelessness has intensified — there are currently close to 62,000 people sleeping in city shelters every night — there have been at least 260 multi-dwelling buildings in Manhattan and Brooklyn that have been turned into houses for individual families, resulting in the loss of more than 830 apartments from the market.

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