From the new Real Deal:
Much of SoBro’s residential housing is made up of row houses originally constructed as low-income housing. During the boom, investors bought up these properties, performed what Jaffe describes as "shoddy" renovations, and then resold them as investment opportunities.
Since the credit crisis hit, brokers say these types of investments have stopped dead in their tracks, and local families who had bought the properties are stuck with mortgages they can’t afford.
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