Today's scary foreclosure stat comes via the Department of Housing Preservation and Development, which warns 2.6% of the city's apartments?up to 90,000 units?could go into foreclosure. The number includes rental properties and affordable housing snapped up by investors who hoped to turn more units into market rate apartments. Council Speaker Christine Quinn rubs it in: "As we come to terms with the downturn in our economy, it's becoming clear that many of these deals were a lot more bust than originally projected." [NYPost]
Filed under:
Loading comments...