I read an article in the Washington Post via Huffington Post on the next wave of housing distress – renters. Landlords and management companies all over the country own mortgages that are under water and under pressure. What does one do when the building isn't making money? Cut back on maintenance.
I recall the bad old days of the 1970s and early 1980s in NYC when faced with poor tenants, housing violations and dilapidated buildings, landlords set their apartments on fire to collect insurance money. Alas this is on a national scale but I'm sure more so in the usual suspects – California, Arizona, and Florida being three of them.
This may get worse before it gets better.
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