"Mr. [John Tepper] Marlin (former Chief Economist for the City Comptroller's Office) expects that there will be more defaults on buildings as condominium and co-op owners fail to pay their common charges, and also more sales of foreclosed properties. Rents will continue to dip. There will be longer lines at the grocery store, because fewer people will eat out. And he worries about unrest, citing hard-hit Iceland as a recent example. “I’m concerned about people being so desperate that they lose the fear of losing their own lives and they become so desperate that they’re willing to endanger other people’s lives,” he said." — NY Times
How Bad Could It Get?
Copyright Brown - Brownstoner