The ANHDReader, www.anhd.org, March 27, 2009Page 2
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grow less than the city average in the 1980s boom andfell further in the 1990s downturn.
•City investment is correlated with greaterstabilityin poorneighborhoods.
Poor neighborhoods thatreceived significant public investment to rehabilitate andincrease their affordable housing stock experiencedsmaller price declines in the 1990s downturn, and insome cases even saw prices increase during the same period.
In fact, city investment was more closely related to smaller housing price declines than any other neighborhood characteristic the Furman Center studied.
The last finding is particularly significant as it underscoresthe importance of the city continuing to invest in affordablehousing and community stabilization initiatives asforeclosures and recession hit the city.Below is a small selection of the indicators that the “State of the City” report examines. Not surprisingly, and something that has been documentedelsewhere, four of the five community districts that had thehighest percentage of high cost home purchase loans alsowitnessed the highest rate of foreclosures.To read the entire “State of the City” report, please visit:http://furmancenter.org/files/soc2008/State_of_the_City_2008. pdf
High Cost Home Purchase Loans (percentage
1Brownsville / Ocean Hill (BK)2Jamaica (QN)3East New York / Starrett City (BK)4Bushwick (BK)5Williamsburg / Baychester (BX)
Notices of Foreclosures Rate (per1,000 1-4 familyproperties)
1Bedford Stuyvesant (BK)2Brownsville / Ocean Hill (BK)3Bushwick (BK)4East New York / Starrett City (BK)5Jamaica (QN)
Median Rent Burden (renterhouseholds)
1University Heights / Fordham (BX)2Borough Park (BK)3Kingsbridge Heights / Moshulu (BX)4Highbridge /South Concourse (BX)5Sunset Park (BK)
Rental Units that are Rent-Regulated
1Kingsbridge Moshulu (BX)2Washington Heights / Inwood (MN)3South Crown Heights (BK)4Rego Park (QN)5University Heights / Fordham (BX)