Bloomberg Makes Push for Tiny City Apartments

New York, NY, July 10, 2012 -- Could this be the urban trend of the future in expensive cities?

New York Mayor Michael Bloomberg is challenging developers to come up with an apartment building filled with apartments no greater than 300 square feet.

The so-called microunits would have a bathroom, built-in kitchenette and enough space for a fold-out bed combined with a living room.

The idea is to appeal to the young and other cash-poor people who can't afford the typical city rent.

Census figures show that 46.3% of households in the city consist of one person.

Across the country, 27% live alone.

Similar programs have been proposed in other cities such as San Francisco.