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NEW YORK -- A new wave of foreclosures stands to hurt people who may have never taken out a mortgage: renters. In cities such as New York, Chicago and Los Angeles, where many investors are carrying upside-down mortgages on large rental buildings, some tenants are watching their homes fall apart along with the financing.
Chicago has already enacted--more than a year ago-- local legislation that prevents tenants from being evicted due to a landlord's foreclosure proceedings. They also have tenant protection laws that prevent any buyer from kicking out a tenant with a valid lease, when they buy a property.
I don't know about New York or LA but DC has the same protections. Most of the foreclosure properties on the market are advertised as 'no kickout' meaning any buyer will have to wait until the lease expires and give the tenant 60 days notice that their lease will not be renewed.
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