From the Times Ledger:
Low-income neighborhoods in the borough suffer from a lack of banks, and it is up to the federal government to coax more lending institutions into opening offices in underserved areas, U.S. Rep. Anthony Weiner (D-Forest Hills) said in Forest Hills Monday.
Weiner released a study claiming that the borough’s banks are concentrated in the wealthy neighborhoods and that the lack of banks in poorer areas deprives those residents of credit for small businesses and personal loans.
“We need to start doing this based on where the money is needed, not where the money already is,” Weiner said. “In South Jamaica we have a great deal of demand.”
Yet since 2006, only one bank has been built in that neighborhood — which has a $39,000 median household income — bringing the grand total to one.
Banks generally open in areas where they can loan out money, Anthony. Last time they gave loans out to people who couldn't afford to pay them back, we ended up with a recession, housing bust and a lot of foreclosures.