Overmortgaged Buildings

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.

Featured Impact
Neighborhood Impacts of Overmortgaged Buildings

A 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.

Publications ×+

Neighborhood Impacts of Overmortgaged Buildings

A 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.


Out of Sight, Out of Control

A brand new CHPC Inside Edge publication 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.


Debt Threat: Saving Multifamily Rental Housing From Zombie Mortgages

While we read regularly about single family homeowners across the country who are facing foreclosure, collapses in the financial sector have also significantly impacted commercial properties.


Informatics ×+

Play “Life of a Building”

CHPC is proud to present “Life of a Building“, an online educational game showing the challenges of keeping an old rental building in good financial and physical health. Play the game and see if you can make it to 15 years!


Related Insights
February 17, 2012 - by CHPC
February 1, 2012 - by CHPC
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