According to an interesting article Even Renters Aren't Safe featured on the NYTimes.com, though renters believed they were safe and had avoided the subprime mortgage crisis by opting to rent rather than buy it turns out they weren't as unaffected as they thought. Many renters are finding themselves in situations where the building or home they are renting is going into foreclosure. Though it seems unlikely that a rental property producing income would go into foreclosure, many rental properties throughout the United States are. Though analysts predict this problem to be predominately of lower to middle income markets, this problem is rapidly expanding nationwide. Furthermore, the article goes on to iterate the point that the housing crisis has effected New York City quite differently than throughout the country.
Image Courtesy of NYTimes.com