The Citizens Housing and Planning Council (CHPC), a non-profit neighborhood and community advocacy firm which monitors large-scale housing issues in the city also believes today’s news is not likely have large repercussions.
“Of all the over mortgaged properties in New York City, Stuy Town is not our greatest concern, as there is still a great deal of value in the property,” said CHPC senior fellow, Harold Shultz. “I would say former Section 8 and other subsidized developments around the Bronx and Upper Manhattan are much more risky, in terms of uncertain outcome for the tenants.”