A new report by the Black Homeownership Project highlights the alarming decline in Black homeownership in New York City over the past 20 years, and the increased costs Black homeowners face compared to their white counterparts.
The project, an initiative from the Center for NYC Neighborhoods, found Black homeownership has declined 13% since 2000 and Black homeowners pay on average $7,000 more in closing costs than white homeowners.In Brooklyn, 1,742 loans were originated for Black households in 2007. In 2017, that number was 881.
As part of the project, dozens of Black homeowners, housing counselors and program practitioners were surveyed over the last year to address the existing systemic issues that have led to a vast racial wealth gap and decline in Black homeownership – which has only been further exacerbated by the pandemic.
The Center said in a press release the findings supported a proposed slate of pilot programs that would increase homeownership among Black communities in NYC and work to close the racial homeownership and wealth gaps. Those programs include assistance with down payments, matched savings and tenant opportunities to purchase.
Center for NYC Neighborhoods CEO and Executive Director Christie Peale said in New York City, Black families made up only 18% of homeowners, yet they represented more than 60% of the Center’s clients looking for assistance in buying and keeping their homes.
“The homeownership gap is worse for Black Americans now than ever before and has only grown wider amid the pandemic,” she said.
“Through the Black Homeownership Project, we are uncovering new details of how these national trends show up locally and proposing NYC specific programs to create meaningful change so that Black homeowners can buy homes and stay in the communities they love.”
The five new pilot programs recommended by the Center include a down payment assistance navigator, with the research finding assembling a down payment was one of the greatest barriers to homeownership for Black New Yorkers; a savings accelerator, to help low- to moderate-income New Yorkers out of the feedback loop where a lack of access to safe and affordable financing can push them towards extractive financial products; and a homeowner landlord program focused on support services for mom-and-pop landlords to help preserve their source of affordable rentals, including education from City housing agencies, connecting with trusted lenders and contractors for repairs and support and more.
Apparently, this crisis has not been acknowledged by de Blasio in his recovery for all of us.
29 comments:
Money Talks Bullshit walks !
Some buyers pay more for closing for many reasons.
Credit History Matters the most !
How could such a thing happen in one of the most liberal places in the universe? BLM is painted in the street this cannot happen here!
Pay cash like the many new immigrants do !
Or start your own bank like others have done.
Problem solved.
Well maybe tell your wonderful elected officials to stop allowing foreign home buyers to stash up homes because guess what? I bet you if you looked at how high the foreign home ownership is in nyc, you would see a pretty high number. White Americans aren't the ones buying homes in nyc, thats for sure.
More of my hard earned Tax money going for Social programs that never work !
Liberals ALWAYS want to insert themselves in EVERYONE else's business. They MUST control other people.
"If you are young and not a liberal, you have no heart. If you are old and not a conservative, you have no brain"---Winston Churchill.
Green is the color JQ ! This story is pure BS !
Progressivism is just Communism with a new ribbon.
This is Crap and it will only hurt hard working people !
Cry me a river, There is no Money Tree.
Faith in your government is misplaced trust.
Work hard , Live Free !
So sad Biden just pushed blacks down one more rung on the ladder,all the new immigrants will get priority in the Biden Harris administration
Every imamagrint race in the last hundred years has found success,why?
Because they went to school,had 2 parents and came here believing this was the greatest country in the world
Blame the race hustlers for telling blacks everyday of THIER life's they were victims,Sharpton don't live in no ghetto,or LeBron James as long as they push hate,hate it will be,plus now the Asian community one of the most successful ever to come here just realized Victomhood comes with all kinds of goods and services so one more rung down the ladder till there's no more rungs left.
2008 - Global financial crisis - US - homes foreclosure crisis - maybe they shouldn’t have been handing out mortgages to people who a. Lied about their income & debts b.color coded eligibility for mortgage - who were approved for mortgages based on the color of their skin.
And now they want the taxpayers money - another pack of lies article
LMAO just when you think demorats can't get any lower.
JQ if you and many others believe this We're in more trouble than I imagined.
How does this compares with Asian homeownership and White homeownership?
JQ do you wear a Karl Marx t shirt to bed at night ?
Leftist Marxism Crap !
2020 - Global medical crisis filed under pandemic, really a cover up for the Global money movers and shakers to cover up their previous crimes.
Who has a million dollars to own a house in Brooklyn or Queens?
I'm white, I live in Queens, and I DON'T own a home. No one helps me. Where's the programs to direct lenders to me or get me money? This whole thing is nothing but a bunch of woke bullcrap.
Anyway, Biden is one of the most racist people to set foot in the office and Kamala has proven she hates black people just by how many she jailed and kept jailed for her own benefit. Black people still voted for those two idiots in droves so from where I'm standing they don't want help or things to improve for them anyway so stop trying.
@Anon Re: shirt
No.
Is Milton Friedman on your shirt?
@Anon re: believe
The study is thorough, and the hyper gentrification in those areas pretty much confirms it.
For thousands of years good behavior is rewarded and bad behavior has consequences and punishments. Should be no different now.
Liberals run every institution, yet we have institutional racism.
The racism is so bad no one wants to come to this country anymore.
Seriously if you listen to these lefty dolts you would think this is the worst country in the world
I believe everyone should be able to have access to owning a home and the same level playing field with access to funding. But it should not be a system where one group is favored over the other. You should not be able to go with zero funds to a bank and be given other people's money to gamble with.
We tried this before in the late 90s and early 2000 and how did that work out for us?
In that period under Clinton and our illustrious governor Andy Cuomo. It was called the Neighborhood Empowerment Act. Cuomo was then the secretary of HUD. It basically said that you have to give everyone money to buy a house and forced the banks to give mortgages to people that did not deserve it. There was more fraud in this program then actual legitimate mortgages. That really worked out well for us almost bringing down the whole economic system.
The government should not be in the position of strong arming banks to give out loans to people that have no business getting one. Let's not go down the same road again to economic disaster.
If we forget history we are doomed to make the same mistakes. Don't let socialists dictate who should own a home and who should not. It's easy to risk someone else's money when you have nothing to lose in the game.
"Liberals run every institution, yet we have institutional racism"
Because People are shirking their civic responsibility !
Common core caused the parents to appear incompetent in the eyes of their children.
Now we have Commie babies spreading false Utopia visions !
As a white guy...I approve this message.
They more we give the better !
Oakland is way ahead of NY giving $500 a month for Black Benefit .
Black homeownership in New York City must be improved !
This racial gridlock must end, programs like this will help.
"Who has a million dollars to own a house in Brooklyn or Queens?"
With UBI we all could ! No ?
Rent free just doesn't cut it anymore... Free homes can be a good start to end institutional racism.
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