When the real estate market crashed in 2008, it left behind a wake of financial devastation for middle class families across the United States. One other thing it left behind, however, is a swathe of foreclosed and abandoned homes, many of which have never been purchased by another owner. However, that doesn’t mean there aren’t any new occupants, as squatters have become a surprisingly common issue, particularly on Long Island.
The term “squatter” refers to any person who takes up residence at a property they do not legally own, typically in a property which has been abandoned or foreclosed upon. Squatters are an issue because they make it more difficult for the property to be resold or renovated, and often they tend not to care for the property because it isn’t their own. Moreover, many squatters will illegally make use of utilities on these abandoned properties, using electricity, cable or even internet services they don’t pay for.
Complicating matters is the fact that squatters have certain property rights as well and getting rid of them is not as simple as calling the police to have them removed. Under the New York Squatters Law, any squatter who remains on a property for more than thirty days is treated as a tenant and can only be removed through a formal eviction proceeding brought by the property’s legal owner. As such, squatters may sit on a property for months, or even years, while the property’s legal status remains in the limbo of foreclosure proceedings.
There are two primary reasons cited for the surge of squatters on Long Island: first, the area was particularly hard hit by the burst of the subprime mortgage bubble; and second is that stagnant wages have failed to keep up with growing real estate prices. The first issue has ensured that there are still plenty of empty homes to squat in, and the second has made finding affordable housing more difficult for many on the lower end of the income scale.
Charles Rutenberg Realty is one of New York’s largest Real Estate agencies with multiple offices providing a full suite of real estate services, including residential and commercial sales or leasing. We serve clients in Nassau, Suffolk, Queens, Kings, Bronx, Westchester, Putnam, and Orange Counties, and bring our knowledge and experience to bear in every transaction. If you are interested in buying, selling, or leasing real estate, give us a call at 516-575-7500 or visit our contact page.
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