Ilya Marritz
Ilya Marritz covers business for WNYC.
Renters Also Hurt by Mortgage Crisis
Monday, April 14, 2008
New York, NY –
Half of New Yorkers affected by the mortgage crisis aren't owners but renters. That's the finding of a new NYU study. WNYC's Ilya Marritz has more.
When a property is foreclosed, a bank takes possession, and puts the building up for auction. If it's a building with renters, those occupants are likely to lose their home.
An analysis by the Furman Center for Real Estate and Urban Policy at NYU finds that about 30,000 households received a foreclosure notice last year. Of those, 15,000 were renters whose landlords couldn't make their mortgage payments.
The Furman Center warns that most proposals to address the mortgage crisis are tailored to single-family homes. But in New York City, 60 percent of homes with foreclosure notices are multi-unit dwellings. The study found worst effected neighborhoods are in Brooklyn and Queens.
Leave a Comment
Register for your own account so you can vote on comments, save your favorites, and more. Learn more.
Please stay on topic, be civil, and be brief.
Email addresses are never displayed, but they are required to confirm your comments. Names are displayed with all comments. We reserve the right to edit any comments posted on this site. Please read the Comment Guidelines before posting. By leaving a comment, you agree to New York Public Radio's Privacy Policy and Terms Of Use.