by qrono
1. June 2010 09:25
The foreclosure crisis in California has taken a toll on not only homeowners, but a large number of tenants in the state. According to a new study from Tenants Together, California’s statewide organization for renters’ rights, at least 37 percent of residential units in foreclosure in the Golden State last year were rentals, directly affecting over 200,000 tenants – most of whom were displaced. Tenant Together’s research is based on California property records for every foreclosure in 2009, and the organization says its estimates are “conservative.” The report – California Tenants in the Foreclosure Crisis Report – concludes that while the largest percentage of renter-occupied foreclosed properties were single-family homes, the percentage of renter-occupied, multi-unit buildings is growing at a faster pace. The organization says this trend is likely to increase as more loan modification programs target owner-occupied properties, which are primarily single-family homes and condominiums, while multi-unit rental properties continue to fall by the wayside and into foreclosure. Tenants Together says that the new federal law Protecting Tenants at Foreclosure Act comes short of providing long-term security for tenants and has been mired by implementation problems arising from banks’ non-compliance with the new law. Among the various proposals, the report notes that ‘just cause for eviction’ laws are a particularly effective and cost-free way to stop the displacement of tenants whose lenders have been foreclosed on and provide greater stability to California communities.
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