How Foreclosure Could Be a Good Thing for Tenants

As owners of large-scale housing complexes like Riverton Houses and Stuyvesant Town teeter at the edge of foreclosure, their renters could come out ahead, according to real estate executives and even some housing advocates.

These Manhattan properties are still attractive at the right price, and new owners would pay presumably less-inflated figures than current owners, Charles V. Bagli of The Times writes. Thus, they would be under less financial pressure to displace rent-regulated tenants in favor of higher-paying newcomers. In addition, the tenants have benefited from upscale landscaping and upgrades to lobbies.

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http://cityroom.blogs.nytimes.com/2009/03/03/how-foreclosurecould-be-a-good-thing-for-tenants/