NetQuarterLatte t1_itl8ep1 wrote on October 24, 2022 at 1:59 PM

Reply to comment by Misommar1246 in Where Are the Free Housing Attorneys NYC Promised to Tenants Facing Eviction? - Hell Gate by LittleWind_

>I don’t know, we kind of fucked up when we made it easier for tenants to get home ownership and it all came crashing down in 2008.

Home ownership in NYC didn't even get close to 60% leading to 2008. High home ownership rate was absolutely not the issue with 2008.

Chart with home ownership rate per year: https://www.osc.state.ny.us/reports/homeownership-rates-new-york

Misommar1246 t1_itl8rg1 wrote on October 24, 2022 at 2:01 PM

Ownership itself wasn’t the problem, relaxing the conditions such as credit score requirements were though. It caused a lot of people who realistically couldn’t afford homes to sign up for one.

NetQuarterLatte t1_itlab0j wrote on October 24, 2022 at 2:13 PM

>Ownership itself wasn’t the problem, relaxing the conditions such as credit score requirements were though. It caused a lot of people who realistically couldn’t afford homes to sign up for one.

Even in the peak of the great financial crisis, NYC had less than 29,000 delinquent mortgages/foreclosures.

That shouldn't be the reason why people need to be handcuffed into a lease agreement with their landlord.