Sounds like a good deal for any MOTIVATED person. Lets see how motivated they really are.
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I agree. There's all kinds of shoreline suitable for high-end housing if the demand's there -- and I'm NOT sure there is.
The Marine Drive Apartments started out as public housing projects but haven't housed poor people since the late 1950s at least. The people who have lived there since and who are living there now are working class and lower middle class people or families or retirees with modest incomes.
The waterfront isn't reserved for the wealthy.