New York City has, in many ways, been spared the worst ravages of the foreclosure crisis. A city of renters, where single family homes are the exception rather than the norm and co-op and condo boards regularly turn their noses up at perfectly decent financial packages, we have avoided the magnitude of problems suffered by many other American cities.
But foreclosures have still troubled the city—and often indirectly. For example, many renters in overleveraged multi-family properties suffered when landlords fell behind on payments and ceased to conduct maintenance. And where foreclosures have hit New York, they have also been tied to increases in crime, according to a new report by NYU’s Furman Center for Real Estate & Urban Policy. Read More