On a side note, many banks in NY are facing a very localized special form of mortgage meltdown.
Prior to the rise of rideshare apps a NYC Taxi medallion had an average worth at its peak about $1.4 million. Because of the recognized worth, banks were willing to let medallions be mortgaged. In the last few years the average worth of a medallion is less than $600K. Of course with any mortgages, there are going to be defaults. Since the mortgages are higher than the value of the medallions, they are essentially giving passes to the holders to try and make the payments rather than write off the loss with foreclosure.
