Until the foreclosure process is finalized, apartment buildings are the responsibility of no one in particular. Around New York City, writes Chris Opfer, foreclosing banks are increasingly being given the task of maintaining and repairing them.
"The court typically appoints a receiver to collect rent and use the money to perform limited maintenance, but not necessarily to make significant physical improvements."
"In the Brooklyn case, the court didn't appoint a receiver until almost a year after the foreclosure suit began. A court order limits him from spending more than $2,000 on a single repair without the bank's consent.
Physical problems often occur in these rent regulated apartment buildings facing foreclosure both because the buildings are typically older and require substantial maintenance and because the relatively low rent income made it difficult for landlords to make major repairs."
FULL STORY: Foreclosures Leave Apartment Buildings in Need of Repair
Pennsylvania Mall Conversion Bill Passes House
If passed, the bill would promote the adaptive reuse of defunct commercial buildings.
Depopulation Patterns Get Weird
A recent ranking of “declining” cities heavily features some of the most expensive cities in the country — including New York City and a half-dozen in the San Francisco Bay Area.
California Exodus: Population Drops Below 39 Million
Never mind the 40 million that demographers predicted the Golden State would reach by 2018. The state's population dipped below 39 million to 38.965 million last July, according to Census data released in March, the lowest since 2015.
Google Maps Introduces New Transit, EV Features
It will now be easier to find electric car charging stations and transit options.
Ohio Lawmakers Propose Incentivizing Housing Production
A proposed bill would take a carrot approach to stimulating housing production through a grant program that would reward cities that implement pro-housing policies.
Chicago Awarded $2M Reconnecting Communities Grant
Community advocates say the city’s plan may not do enough to reverse the negative impacts of a major expressway.
City of Costa Mesa
Licking County
Barrett Planning Group LLC
HUD's Office of Policy Development and Research
Mpact Transit + Community
HUD's Office of Policy Development and Research
City of Universal City TX
ULI Northwest Arkansas
Town of Zionsville
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