Policy Brief | Dec. 2009

Closing the Door 2009: Risks of Boom and Bust

Thomas J. Waters, Victor Bach

Summary: New York City’s housing market moved at a very slow pace during 2008, resulting in few changes to the city’s supply of subsidized, privately owned rental housing. This comes as no surprise at a time when it is very difficult for investors to secure financing for any real estate activity. But despite the small amount of activity on the surface at present, there are deeper changes going on in the conditions affecting the city’s affordable housing stock. The most troubling change has been the unraveling of the finances of apartment buildings bought and mortgaged at highly speculative prices from 2004 to 2007.

Issues: Affordable Housing

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Closing the Door 2009 (Summary)

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