Thursday, April 12, 2007

Elusive ownership

Metro reports:

Fewer than 5 percent of home sales in 2005 were affordable to those earning the city’s median income of $43,434. That’s down from 11 percent in 2000.

City home ownership more elusive, report says

The report found Hispanics to have the lowest rate of home ownership at 16 percent. This lags far behind the rate of homeownership among Hispanics in other cities, such as Chicago, where 45 percent own homes.

Also, NYU's Furman Center released their report on the SUB-PRIME LOAN BUBBLE IN CITY.

The NYU study found that in 22 of the city's 59 community board districts, more than 30 percent of all home-purchase loans were sub-prime. Manhattan accounted for just 1.1 percent of the loans...topping the potentially perilous 50 percent mark were Jamaica/Hollis in Queens, East New York in Brooklyn and Williamsbridge and Belmont in The Bronx.

The Real Deal and Property Shark are aware of these facts, too: Queens leads NYC in foreclosures

Photo from


Anonymous said...

If they lower taxes, they can make housing affordable for people.

Instead, they talk about building 'affordable housing' which is coded language for letting developer-campaign donars put up ugly barracks that then can stand above public criticism.

Then they fill them with the 'tweeded' whether the surrounding community wants it or not.

Anonymous said...

What are needed are policies that keep hardworking blue collar and middle class people in this city.

As stated many times, there are a host of things the politicians can do to make this happen.

They do nothing because they simply do not care about those groups.

georgetheatheist said...

You can hand this fiasco-waiting-to-happen to our first "African-American" President Bill ("Kiss-it") Clinton who appointed Henry Cisneros to be Secretary of Housing and Development. It was during Cisneros' tenure in office that this sub-prime mortgage scheme was concocted...And the schmucks in Reps. Meeks (Jamaica), Rangel (Harlem), and Towns (Bed-Stuy) disctricts are going to vote for Hillary?...Don't you know the Democrats are for the working people?

Anonymous said...

The Democrats for the the "tweeded." The rest of us get lip service until frustrated, we move out. Then more 'tweeded' can move in.

All according to plan.

Hey crappie, how about an entry on defining 'tweeding' so the general public knows exactly what we are talking about.

Anonymous said...

Sub prime mortgages were the bait on the hook offered to people of color.

They took the bait and now they're screwed !

How about a Gov't bail out for these poor folk like the corporate welfare given to Chrysler etc.'s all part of the plan . "Re-locate" the losers in this game (after foreclosure) so that their homes can be razed and luxury housing for yuppies gets built in its place!