They Repeat: Housing Bubble May Burst
Sometimes you need to sound the alarm more than once to get attention.
In the summer of 2003, University Neighborhood Housing Program (UNHP), an nonprofit advocacy group based on the Grand Concourse, held a forum at Fordham University’s library to warn of a potential real estate bubble inflated by exploding purchase prices for multi-family dwellings. Through its research, the group learned that landlords were paying a great deal more for the buildings than they seemed to be worth. Purchase prices had escalated since 1996, but there was no net increase in building revenue, known as net operating income.
