Word: moscow
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Dates: during 1990-1999
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Zhurek explained that Soviet Moscow was overcrowded and that a lack of housing was a major problem. In the last few years, though, Luzhkin's regime has built 75,000 new apartments each year, Zhurek noted...
...problem," Zhurek said, "is that when you build something you have to sell it. The average apartment in Moscow sells for around $250,000. There are very few people able to pay that in cash...
...agreement calls for the group to draft "a statement of principles for creating a mortgage system for the construction and sale of housing in the City of Moscow" within 90 days...
...completed agreement will go into effect immediately. Allison, who is also the Dillon professor of government, anticipates that the new mortgage system will be available to the citizens of Moscow by the end of the year...
...agreement is also expected to aid Moscow's recovering and quickly-growing tourist industry. Luzhkov said that Russia is in the process of building hotels, service centers and transportation systems...