The real estate bubble of 2003 – 2008 has impacted the country and New York City. Back in September 2007, we devoted our first new ‘Inside Edge’ publication to examine the escalating sub-prime issue, and to predict how the financial instability was going to affect housing and community development in NYC.
New York City ended up experiencing not only a foreclosure crisis in single family homes, but also a crisis in over mortgaged multifamily buildings. For the last several years many multifamily properties in New York City have been carrying debt that exceeds their ability to pay and unique CHPC analysis of these properties indicated that many of them are headed to foreclosure and bankruptcy as the result of unsustainable debt levels. In our ground breaking publication, Debt Threat, published in 2009, we were the first group to explain the problem, quantify the danger, and suggest realistic actions to be taken by New York City, New York State and the federal government.
CHPC continues to monitor this problem, working with New York LISC to develop new approaches to dealing with the problem. A Charles H. Revson Foundation grant allows CHPC staff, especially Senior Fellow Harold Shultz, to maintain focus on this complicated issue, and to act as a unique resource for various government agencies.
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Harold Shultz Discusses Mortgage Crisis at EDC
On Thursday, February 16, CHPC Senior Fellow Harold Shultz took part in Revisiting the Growing Impact of the Mortgage and Credit Crisis on New York City, hosted by the APA New York Metro Chapter at EDC. He was joined by Max Weselcouch of the NYU Furman Center for Real Estate and John Warren of Workforce Housing Advisers.
Harold presented research from CHPC’s new report, The Impact of Multifamily Foreclosures and Over-Mortgaging in Neighborhoods in New York City. The report shows that in New York City neighborhoods, a correlation exists between the presence of overmortgaged multifamily buildings and …Read more
APA Panel Discussion with Harold Shultz
Harold Shultz is taking part in a panel discussion organized by the APA New York Chapter on February 16 2012, entitled, Revisiting the Growing Impact of the Mortgage and Credit Crisis on New York City.
Last year’s mortgage crisis panel discussion revealed that NYC neighborhoods continue to be negatively impacted by foreclosures and overleveraged multifamily properties.
This session Max Weselcouch will present this year’s findings of the State of New York City’s Housing and Neighborhoods, an annual study conducted by the NYU Furman Center for Real Estate that reviews the impact of foreclosures on New York City neighborhoods. She …Read more
New Report: Neighborhood Impacts of Overmortgaged Buildings
A brand new CHPC study reveals that over-mortgaged and foreclosed multifamily buildings increase the risk of deterioration of nearby buildings and raise costs for private owners and New York City in the form of additional Emergency Repair Program (ERP) expenditures.
Commissioned and funded by Enterprise Community Partners (Enterprise), “The Impact of Multifamily Foreclosures and Over-Mortgaging in Neighborhoods in New York City” examines more than 1,100 multifamily buildings across Brooklyn, Bronx, Manhattan, and Queens. It highlights the need to monitor multifamily housing stock and coordinate public and private sector intervention so that the stock may be improved, returned to responsible owners, …Read more
New CHPC Publication: Out of Sight, Out of Control
A brand new CHPC Inside Edge publication (pdf) takes a detailed look at the housing policy circumstances around a deadly fire at 2321 Prospect Avenue; a three family house, in the Belmont neighborhood of the Bronx.
On April 23, 2011, three people including a child, died in a fire in this building whose recent history highlights the dangerous impacts of the problems plaguing the rental housing market in recent years.
Since the publication of Debt Threat in August 2009, and our symposium One Size Fits Some in September 2009, CHPC has raised concerns and offered recommendations to address the problems …Read more
APA Holds Panel on Over Mortgaged Properties
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 …Read more
CHPC participates in HUD taskforce
On Tuesday, February 15, 2011 Senior Fellow Harold Shultz traveled to Washington, DC to participate in a HUD task force to devise solutions to the problems of over leveraged multifamily buildings. HUD presented some proposed remedies to the group of lenders, developers, state housing agencies, and municipal housing agencies from across the country. The group discussed these remedies and proposed further changes.…Read more
HPD Subpoenas Milbank Servicer
HPD has issued a subpoena to LNR Partners LLC the Special Servicer of the Milbank portfolio in the Bronx. As recommended by CHPC in Debt Threat, HPD seeks information concerning LNR’s plans for sale and how those plans affect the continuing maintenance of the 10 properties in the portfolio.…Read more
Debt Threat Report
In 2009, CHPC released a report that spearheaded the debate around multi-family buildings that were going into foreclosure. It described the problems associated with over mortgaged multifamily rental proper ties in New York City, and the wider implications of over mortgaging across the country. If offered analysis of data on properties secured through CMBS activity between 2004 and 2007, as well as more recent anecdotal examples of impacted residential properties in NYC. And finally, and most importantly, it put forward public policy recommendations at the federal, state, and local level.
Debt Threat: Saving Multifamily Rental Housing From Zombie Mortgages
While …Read more