Bronx tenants back bank program against slum landlords
Some Bronx tenants now have a new recourse when dealing with problem landlords thanks to a bank program.
The Bank of New York and Citigroup have teamed up with a group called Housing Here and Now and city housing officials to improve the condition of distressed buildings in the Bronx. The banks have promised to improve their lending practices by denying mortgage loans to the owners of rundown buildings. Officials say the landlords try to get additional loans for new properties without repairing the deteriorating buildings they own.
Many Bronx tenants are behind the program. They say it will force managers to be more responsible and listen to their needs, or lose out on future financial investments.