CBS News — The U.S. Treasury is sending out 80 million stimulus checks this week, the first part of its effort to put cash into Americans’ hands to ride out the coronavirus pandemic. But many of those checks will never reach the people they’re intended for.
Gothamist — The $1,200 stimulus checks that began hitting millions of Americans’ bank accounts on Wednesday could turn into a “backdoor bailout” for banks and creditors—which can currently seize the payments for individuals’ existing debt under a loophole the Treasury Department has not yet addressed.
Daily News, Op-Ed — In the best of times, predatory debt collection is a scourge that siphons wealth from New Yorkers, destabilizes neighborhoods and perpetuates racial and economic inequality. Amid the COVID-19 pandemic, allowing debt collectors to continue to hound New Yorkers and take their money is jeopardizing people’s lives.
Daily News — At a time when millions of freshly jobless people are practicing emergency economic triage, debt collectors continue to chase judgments and seek to freeze bank accounts of those they say are in default. This is madness.
The City — New Yorkers facing down private debts in court will see some relief after advocates pushed Gov. Andrew Cuomo to put all collections on pause amid the coronavirus crisis.
The City — Gov. Andrew Cuomo has paused the collection of medical and student debt owed to New York State, ordered evictions halted and put a 90-day stay on mortgage payments and foreclosures for owners facing financial hardship.
Daily News — Families and businesses in southeast Queens are being shunned by the banking system, possibly in violation of federal law. And that makes Rep. Gregory Meeks furious.
How will the state help address “public deserts”? Deyanira Del Río, Co-Director of the New Economy Project, and Andy Morrison, Campaigns Director for the New Economy Project, discussed the push for public banks.
Gothamist — A Brooklyn state senator is drafting a bill that would give tenants priority to buy their landlord’s building should the property go up for sale.
The Real Deal — Landlords who want out of the multifamily market after last year’s rent-law shakeup should have to offer their buildings to tenants first, a Democratic state senator says.