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Arrested Development

Two Brooklyn properties are in the news this morning with anecdotal evidence suggesting little oversight once banks become stewards of foreclosed properties. In the first, a Clinton Hill resident writes about a neighbor's abandoned house that has become a warren for thieves and rats, and neither the bank nor the city has done anything to prevent a "sense of disinvestment in the community.” Another example is the small rental building in Park Slope that has at current tally 109 outstanding housing code violations and no heat and hot water for its elderly residents. City Council is now reviewing three bills that would require a higher obligation from lenders to maintain their properties. [Brownstoner]