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Foreclosure Fallout

When a New York City building falls into foreclosure, what happens to the renters who live there? According to NYC law, they're allowed to stay put?and as time goes on, they're often joined by rats, mold, and people who just walk in once doors break and there's no building security. Court-appointed receivers are responsible for repairs, but usually the buildings are crumbling by the time receivers appear on the scene. [The Atlantic Cities]