For years, renters endured the taunts of haughty buyers who insisted that renting was tantamount to throwing your money away. Buyers, they said, were building up equity! Whoops.
So understandably, renters are appreciative to get some vindication.
But it’s not like renters are totally in the clear. They could still get thrown out of their homes if their landlords are foreclosed upon. And though New York hasn’t seen nearly the level of foreclosures as elsewhere, it’s starting to pick up, and renters will inevitably suffer.
The city says that about 90,000 rental units may be foreclosed upon this year, reports NYP. We’re guessing it could go higher, if only because public sector loss estimates are always lowballs.
Have fun with your move, renters! At least rents are down these days, and nobody in their right mind is paying a broker’s fee.
Business Insider Emails & Alerts
Site highlights each day to your inbox.