The housing slump has caused a number of condos in the New York City to remain vacated, giving city officials another idea: a new way to house the city's growing number of homeless families

Developer Avi Shriki says he had to come up with a Plan B "when the market went south," so he decided to turn his $250,000 to $350,000 Crown Heights condos into shelters for the homeless, signing a 10-year contract with the Bushwick Economic Development Group.

Now the amenity-rich condos will provide temporary emergency shelter to homeless individuals in a safe environment. Each condo includes such high-end features as granite countertops, terraces, marble bathrooms and walk-in closets.

According to the report, the city is paying about $2,700 a month for each apartment, a figure which includes social services, like job counseling and other programs to help get families and individuals back on their feet.