After Stuy-Town: Next NY Foreclosures

Stuyvesant Town in NYC
Stuyvesant Town in NYC

The foreclosures of Stuyvesant Town and Peter Cooper Village earlier this month were just the beginning. Banks are likely to seize many more apartment buildings in New York City this year, according Benjamin Dulchin, executive director of the Association for Neighborhood and Housing Development, an organization of local nonprofit groups fighting to preserve New York's little remaining affordable housing.

"About 100,000 units of affordable housing in this city were grossly over-leveraged from 2005 to 2008 and are likely to have severe financial problems," says Dulchin.
In a wide ranging interview with HousingWatch, Dulchin discussed his concern that these buildings might go through the foreclosure process only to be purchased at auction by new speculators.