The subprime mortgage crisis continues to send shockwaves through New York City and now the consequences have spread beyond the economy. The rising tide of foreclosures is making the city uglier (gasp!). Councilman Michael McMahon believes “the proliferation of extra-large for sale signs is having a negative aesthetic impact on residential neighborhoods in New York City.”
On Thursday, the Staten Island Democrat is introducing a bill that would limit the size of for-sale signs to four square feet and impose a fine of up to $500 on violators.
“While traveling in my district, I have noticed what seems to be an explosion in the size of real estate signs on front lawns to a degree that is practically obnoxious. Real estate companies have the right to advertise, but let’s keep it tasteful, so that it doesn’t detract from neighborhoods,” Mr. McMahon said in a press release.
If the law is not approved, Mr. McMahon will no doubt be seeing a lot more eyesores in Staten Island. Propertyshark.com listed about 90 upcoming foreclosure auctions in Staten Island between Feb. 27 and March 24. Manhattan had only 16 auctions listed for the same period. The number of Staten Island foreclosures increased 184 percent from December through January 2007, the biggest rise in New York City.