Patterson Crafts New Agency

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In a very unique move, Governor David Patterson has decided to unite the state's  housing agencies into the New York State Homes and Community Renewal.  This organization will consist of three departments: Finance and Development, Housing Prevention, and Community Renewal, that will overlook all aspects of the New York real estate market.  With this new agency, the Governor hopes to reduce the current $9 billion budget deficit, and increase the transparency of the institutions it monitors. 
                               

Asymmetrical information has overwhelmed the economy for some time, and like many other politicians, Patterson is taking a step in the right direction by trying to eliminate future recessions from their source.  With less moral hazard and adverse selection, the New York housing market will be more efficient, lucrative, and secure for the consumers and lenders.