Senior Fellow Harold Shultz, along with Professor Ingrid Gould Ellen of NYU’s Furman Center and Benjamin Dulchin, Executive Director of the Association for Neighborhood Housing Developers presented their findings on the current and future impact of the mortgage crisis on New York City. The panel discussion entitled 2011: The Growing Impact of the Subprime Mortgage and Credit Crisis on New York City: A Panel Discussion was held on Monday, March 21st, 2011 under the auspices of the New York chapter of the American Planning Association.
Harold Shultz laid out the changes necessary to deal with the current unwinding of the over leveraged mortgages on approximately 100,000 units of multifamily housing in New York City. He also proposed changes to New York State’s foreclosure processes to insure that buildings in foreclosure are managed by competent receivers.
Professor Ellen talked about the continuing impacts of foreclosures on people and neighborhoods as well as the number and neighborhoods most affected.
Mr. Dulchin talked about the sources of the current problem and its impacts on the continuing affordability of housing.