THE SPONSORS OF CONDOMINIUMS IN LARGE U.S. CITIES
Many large cities in the U.S. have witnessed a proliferation of condominiums since 1970. At first, the condominiums were predominantly newly constructed, but subsequently most additions to the condominium stock were converted from existing rental units. according to type of structure, location within the metropolitan area, price, and submarket. They were promoted under changing housing market conditions and have been influenced by a variety of changing external factors. This paper explores the emergence of the condominiums in large U.S. cities and notes their varying characteristics. Subsequently, my argument for the study of the sponsors of the condominiums is presented. Based on a number of in-depth interviews with developers, real-estate consultants, and financiers, the background of the decision making process of the sponsors is sketched. Finally, a few possible effects of the emergence of the condominiums for the social structure of the urban area are discussed.