in Newark, there is an entire building where teachers can rent or buy in for a reasonable amount.
We need teachers, we need artists: but we are apparently not willing to pay them so they can live in the areas where we need them, so people attack this problem in different ways.
Do a search using "residential rent subsidies artists" and you will find all kinds of arrangements. This attempt is nothing more than a variation on that theme.
I know both housing developers and artists who have participated in these arrangements. The developers gain a certain cache' by having artists in the community or development. Yes, they pay less but other residents are generally accepting of this. It is said art cuts across all class lines.
The artists have the opportunity to live in a nice place and continue to do their work.
It's sort of like tenure for professors so they can speak out without fear of their job. We have these arrangements so artists can create what they want and live in areas that are safe and healthy to live in.
One area we do not do this is retail workers. Here in NJ, retail workers take the bus out to big shopping centers in wealthy areas to work.