The aftermath of the 2008 housing-crisis affected millions of Americans with foreclosure and financial ruin. In addition to the housing bust, the nationwide recession took hold of nearly every state in the country.

In comparison to the top 20 major housing markets in the U.S., New York City, especially areas in Brooklyn, consistently performed better than average. After the 2008 housing-crisis areas in Red Hook, Brooklyn, Mott Haven, Bronx, Corona Queens, and other neighborhoods in: Brooklyn, Queens, Bronx, Manhattan, and Staten Island have seen their neighborhoods change as a result of the recession and the 2008 housing-crisis.

Mayor Bloomberg was extraordinarily busy looking for new ways to develop New York City. He succeeded by shifting New York City from a localized network of neighborhoods into a corporate landscape of chains, and franchises. New York City saw major reform, and renewal under the former mayor. One of the major voids in Bloomberg’s legacy was his inability to coerce lending institutions to do more for homeowners in places like Red Hook, Brooklyn, Mott Haven, Bronx, Corona Queens,

Foreclosure rose across the country since the 2008 housing-crisis, along with the crisis came a major rise in unemployment in many cities in the U.S. New York City was not immune to the recession. Adding insult to injury was the 2013 government shut down, which left thousands of New Yorkers without assistance. [Read more...]