HOUSING: Cashing In on Condominiums

ABOUT the first of every month, millions of apartment dwellers echo a familiar and bitter complaint: while homeowners get large tax breaks as well as investment equity in their houses, a renter's lifetime collection of monthly receipts adds up to just so much confetti in the wind. In search of a better deal, more and more erstwhile tenants are moving to condominiums, in which occupants hold legal title to their apartments instead of mere leases. This form of housing was devised in medieval Europe, has long been popular abroad, and lately has...

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