Search
 

Mayors, Mortgage Bankers and Surveyed Confront Urban Housing Crisis

NEW YORK CITY-Thomas Jacob, CEO and chairman of the Chase Manhattan Mortgage Corp., played host to the US Conference of Mayors and the Mortgage Bankers Association of America at Chase's Park Avenue offices. The two organizations revealed their plan to encourage urban revitalization and the results of a poll.

By Amy Vaughn | Updated on October 24, 2000

NEW YORK CITY-On Park Avenue yesterday mayors and mortgage bankers held a press conference at the Chase Building, hosted by Chase Manhattan Mortgage Corp.’s CEO and chairman Thomas Jacob. While the mayors of Boston, Boise, Idaho and Minneapolis joined with the private sector to discuss what they described as a housing crisis in America, one noted absence was that of this city’s mayor. With Mayor Giuliani committed to a charity golf outing out of town, those present were left to field questions about New York’s tight housing market, among other things, on their own.

When asked if the team of mayors and mortgage bankers are working with Mayor Giuliani to address the housing crises in New York City, one of the worst in the country, Jacob answered that Chase is one of the leasing lenders in the city and is working in areas like Brooklyn and Harlem to help people achieve home ownership. Each mayor talked about their individual cities and discussed them as models of a national issue. Each pointed to the results of a survey in which respondents expressed concern about affordability of housing, an issue in New York, where rents are skyrocketing.

Minneapolis Mayor Sharon Sayles-Belton summed up much of the discussion noting, “One of the things I’m most delighted about is that we’re talking about new American cities. Today people are coming back to central cities; neighborhoods are blossoming.” She said culture, education, and parks are drawing even suburban families. “People are always telling me, ‘You’ve got a great city here mayor, but I can’t afford to stay,’” she commented. “I need to find ways to make it more affordable. The Federal government has not been the driver it needs to be to address the housing crises. It’s not just a conversation the government needs to have with the poor, but with middle income families.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.