Utilization and Disposition of Tax Foreclosed Housings in New York City

Abstract

To reduce the huge maintenance costs of housings acquired due to tax arrears, New York City auctioned and transferred them to for-profit organizations. However, this led to repeated tax arrears and more dilapidation of the housings. Then, to avoid these consequences, the housings were switched to mainly transfer to local for-profit companies and non-profit organizations. Continuation of tenancy was ensured and limited equity tenant cooperatives were organized and the housings are transferred to cooperative members at low prices. In addition, some housings accommodated homeless people.