NEW YORK -- There is new evidence that the foreclosure crisis is hitting New York City.On Staten Island the number of foreclosures has doubled since this time last year. What is surprising about these new numbers is that Manhattan has been affected by the sub prime mortgage crisis, as well.We interviewed the president of one of the largest rental agencies in NYC and he told us that more and more people are asking to see apartments in the other boroughs, like Brooklyn and Queens, because you can get more for your money. He said he has also noticed that people are willing to make other sacrifices for a better price, like location, apartment size and amenities.
And this could become a trend in light of a new report released by Rep. Anthony Weiner.The report states that one out of three New Yorkers spends more than half of their income on rent. Half their income! Real estate experts said this might be the case because rents sharply increased a few years ago and perhaps salaries did not. And they say the stock of affordable housing has diminished over the years. So at this point, there doesn't seem to be any good news for renters and homeowners alike.
