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05-11-08 #13
Klein releases report on impact of foreclosure crisis on communities and property values
    As the White House threatens to veto comprehensive subprime legislation and the Federal Reserve Bank struggles to regulate the mortgage industry, State Senators Jeff Klein (D-Bronx/Westchester), Eric Schneiderman (D-Manhattan/Bronx), and Diane Savino (D-Staten Island/Brooklyn) and members of the local community stood at a graffiti covered and garbage strewn house and released a report: Preserving Our Neighborhoods, an in depth analysis of the impact of the foreclosure crisis on quality of life and property values in NYC, Westchester, and Nassau counties.
     As billions of dollars continue to be drained from the tax base, New York City neighborhoods are feeling the effects of the foreclosure crisis firsthand as homes fall into disrepair, attract trespassers and illegal activity.
    The statistics are alarming. For every 100 owner-occupied properties in one year there are 2.8 foreclosures which directly correspond to an increase in neighborhood violent crime by approximately 6.7%. Homeowners living near foreclosed properties will see their property values decrease by $5,000 on average per each foreclosed home. Overall, 40.6 million neighboring homes in the United States will experience devaluation because of sub prime related foreclosures in the surrounding area.
    "As the foreclosure crisis spreads, we are not only seeing the tragedy of individual families lose their homes, but also a drop in the value and quality of life of the surrounding neighborhoods. I commend my colleague, Senator Klein, for asking the question, ‘Who is taking responsibility for these properties?’ The answer should be the lending institutions that own them," said Senator Savino.
     In New York State alone, Klein’s report found that there are 3,552,642 homes which have experienced devaluation in 2007 due to subprime foreclosures. The resulting combined monetary decrease in home values/tax base in New York State is $36.841 billion dollars. There are a total of 2,769 bank owned properties in NYC, Westchester and Nassau counties with 919 in Nassau, 730 in Queens, 579 in Brooklyn, 258 in the Bronx, and 52 in Manhattan.
     According to the Center for Responsible Lending and original data collected by the office of Senator Klein, Kings County (Brooklyn) ranks 3^rd in the US but first in the NY Metro region with 740,141 neighboring homes devalued at a total cost to the tax base of $12.743 billion. Queens County is a close contender at 5^th place (411,929/$9,254 billion), followed by Bronx County at 7^th (398,746/$4.903 billion), New York County at 10^th (398,746/$3.845 billion), Nassau County at 22^nd (271,875/$1.935 billion), Westchester County at 30^th (176,387/$1.3 billion), and finally Richmond County at 33^rd (141,174/$1.086 billion).
     In November of 2007, Senator Klein dealt with a blighted bank owned property in the Bronx which had attracted unsavory squatters who terrorized the neighborhood. After extensive research and endless phone calls to determine the history and ownership of the property, Senator Klein was finally able to have the house boarded up and the squatters evicted. Since then, Senate Democrats have assisted thousands of victims of the subprime mortgage crisis through Operation Protect Your Home, a series of foreclosure prevention forums, the next of which is scheduled for June 7^th in Long Island.
     However, in order to effectively deal with the myriad of lending institutions, loan servicers, and realty companies now holding properties in the New York City, Westchester and Nassau Counties, Klein has introduced legislation to protect neighborhoods and force banks to take responsibility for their properties. The NEIGHBORHOOD PRESERVATION BILL S. 7208 must be passed to allow municipalities to enforce safety and habitability requirements for every bank owned property.