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Foreclosures Contagious For Apartments Too

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The value-depressing ripple effect that foreclosures can have on homes also relates to apartment buildings in New York City. A study by the Citizens Housing & Planning Council and Enterprise organization showed that buildings within 250 feet of ones that were in foreclosure saw a 14% increase in Class C housing code violations. As a neighborhood's value becomes more imperiled due to foreclosed properties, landlords are suspected of making fewer repairs to nearby buildings and allowing more housing code violations. [WSJ]