Resources

NYC needs transformative, community-led solutions to our city’s affordability crisis that advance racial equity and a just recovery. I am pleased to testify in support of Intro 1977, the Community Opportunity to Purchase Act (COPA), and Intro 118-A, to establish a municipal land bank. Passage of these bills will give communities–and the City, itself–new tools to keep New Yorkers safely housed, expand community land trusts and social housing, and curb speculation in the wake of COVID-19. We thank Council Member Rivera and Council Member Lander for their leadership and urge the Committee to advance this critical legislation.

We urge the Council not to introduce legislation reauthorizing the tax lien sale, and work with community partners, including community land trusts (CLTs), to develop an alternative and equitable system to address property tax arrears and, when appropriate, property disposition. The City’s practice of selling municipal debt to a private, investor-backed trust fuels speculation and displacement in Black and brown neighborhoods, siphoning wealth from communities disproportionately harmed by historic inequities like redlining and disinvestment, and now hardest hit by COVID-19…

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This memo, prepared with partners at the New York City Community Land Initiative, City College of New York, and TakeRoot Justice, provides a brief introduction to CLTs and proposes alternatives to the lien sale that prioritize CLTs, in partnership with mission-driven, nonprofit developers, as both resources for vulnerable homeowners and recipients of foreclosed properties.

[Download PDF] November 18, 2020 NYC Mayor Bill de Blasio City Hall New York, NY 10007 NYC Council Speaker Corey Johnson City Hall New York, NY 10007 Re: Not Reauthorizing NYC Lien Sale for Property Tax, Water and Other Municipal Debts Dear NYC Mayor de Blasio and Council Speaker Johnson, We write to you today […]

Community development credit unions (CDCUs) are nonprofit, community-based financial cooperatives. They offer affordable savings and checking accounts; personal, business and home loans; free financial counseling and more. As a CDCU member, you have a voice and a vote — members elect the board of directors, as well as credit and supervisory committees.

New Economy Project writes to register its vehement opposition to the Office of the Comptroller of the Currency’s proposed “true lender” rule. In one fell swoop, the proposal would effectively obliterate New York’s longstanding usury laws and legalize, for the first time in our state’s history, predatory payday lending. The proposed rule is consistent with the Trump administration’s broader efforts to dismantle critical protections and benefit corporate interests–in this instance, facilitating the systematic extraction of wealth from people and communities.