Bloomberg
NYC Apartment Landlords Getting Burned in Gentrification Crash
(Bloomberg) — New York’s apartment investors are suddenly waist-deep in distress.By December, they were behind on $395 million of debt backed by mortgage bonds, almost 150 times the level a year earlier, according to Trepp data on commercial mortgage-backed securities. Tenants in rent-stabilized units owe at least $1 billion in rent and wealthier ones are fleeing the city, leaving behind vacancies and pushing…
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