Renters and the Housing Crisis via the NY Times

Although foreclosures, the most dramatic and frightening aspect of the housing crisis, have not yet become a significant trend in Manhattan real estate, it is possible that we are simply lagging a year or so behind the rest of the nation in terms of how the housing crisis unfolds. First come the price decreases, then the expanding inventory that turns into a glut and an increase in unemployment may lead to foreclosures becoming more common in our city. I certainly hope that this is not the case and that people will be able to hang on to their property and get help remaining in their homes.

How would a wave of foreclosures affect Manhattan renters? In the past, when a bank takes possession of a property, any renters would be out of luck. Today’s NY Times published an article stating that government-backed Fannie Mae is stepping in to stop renters being evicted from foreclosed properties around the country. Perhaps private sector lenders will follow suit. It would be in their best interest with distressed property being so difficult to sell right now, at least by collecting rent they see some return on their investment. Read the full article here.


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Michelle Erfer is a licensed Real Estate Salesperson in New York City.
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