@Damon Duperre Not to pick on you, but there is actually little to no evidence to support the notion that subsidized housing depresses property values.

I'll say my gut would lead me to guess one of two things:-Its a very depressed area and this is a tax credit complex (or similar subsidy) where the rents are fixed at a % of Area Median Income (AMI) rather than open market rents-Its such a crappy area that you're only able to attract the lowest of the low income folks: not anyone with a voucher, but the folks on straight SSI (no SSDI) for a reasonable proportion of their income. 

No matter how bad the recession/depression, people still need a place to live.

Yes I agree, you'll find tenants unless your area is very depressed.

We are in Phoenix, and the low costs our housing here were even more depressed in 2011.

Do they buy up blocks and blocks and just wait the depression over there out?

In brings in low life's into the neighborhood, it depresses other rents around you, which brings in more idiots, and what about when you've turned the neighborhood into a slum and you want to sell?

If you were my younger brother, I would say get married, move to a more affordable market, learn that market, and by then we should be deep into a depression, so deals will be more available.

Now, because the market was tanking, my parents did not take any money out of their stocks because the value we depressed.

Long story short the rents are heavily depressed and to be honest I am not sure how the current investor makes a profit so first order of business is to sub meter the property though I was curious to know whats the best way to go about this?