Many will lose their savings or or their jobs. This may lead to continued weakness in the housing market and in general the economy, perhaps even causing more foreclosures. Maybe even the so far stable NYC real estate may take a hit causing prices their to drop or due to job losses or foreclosures. People looking to invest in foreclosed homes for example, may have trouble finding capital due to weakening borrowing environment to fund their ventures. Looks like things will get a lot worse before they get better