In a major housing policy shift, President Barack Obama will steer billions of economic stimulus dollars to create tens of thousands of federally subsidized rental units in American cities, reports the Boston Globe. The $4.25 billion initiative is a stark departure from former president George Bush's push to create an "ownership society."
Analysts say the move is practical, given foreclosure rates, the credit crunch, and the struggling economy. The move is also seen as a federal acknowledgment that not everyone is cut out for home ownership. Plans call for construction of low-rise apartment buildings and town houses, and federal purchase of foreclosed homes to be remade into rental units.