| Summary: | The challenge facing real estate professionals today is that although the assets of public housing are intangible, its liabilities—obsolete physical structures that cost too much to maintain—are all too visible. Experience implies that contracts are bound to specific structures and cannot be decoupled from them. However, this is not the case. A recapitalization called redevelopment or subsidy portage allows intangible assets to migrate from the obsolete structure to which they are currently tied, to a new, better building structure. The time has come for bold new thinking in order to cut through the seemingly impenetrable web of psychological, political, and regulatory obstacles currently standing the way of subsidy portage.
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