NY1 Inside City Hall — Deyanira Del Río, co-director of New Economy Project, joined NY1 political anchor Errol Louis to discuss a new report released by state Attorney General Letitia James’ office that finds deep racial disparities among homeowners across New York.
Brooklyn Daily Eagle — A new report released by New York Attorney General Letitia James exposes profound systemic racism within New York’s housing market that causes disparities in homeownership rates and mortgage lending practices, revealing a system that has failed communities of color for decades.
New York Attorney General Letitia James released a new report today detailing deep racial disparities in homeownership and access to home financing across the state. Among the report’s top findings is a stark racial gap in homeownership rates in every region in New York, with white households owning their homes at nearly double the rate of households of color. These disparities are a significant contributor to the racial wealth gap and result in higher housing costs for homebuyers of color, making it harder for communities of color to build lasting financial security and overcome decades of systemic discrimination in the housing market. The report also offers policy proposals to help close the homeownership gap.
Today, as the U.S. Supreme Court hears oral arguments in Consumer Financial Protection Bureau v. Community Financial Services Association of America, members of the New York State Community Equity Agenda coalition released the following statements:
We, the undersigned labor and community groups and Community Development Financial Institutions (CDFIs), write to urge you to take immediate actions, as outlined below, to repair and restore the NYS CDFI Fund to its intended purpose.
This year’s legislative session followed an all-too-familiar pattern of monied interests driving the state’s legislative agenda at the expense of working class New Yorkers. Our coalition strongly denounces Albany’s failure to enact the New York Public Banking Act (S1754/A3352), which would create a framework for local public banks that would leverage public deposits toward investments in affordable housing, small and worker-owned businesses, renewable energy, and other urgent needs in low-income communities and historically-redlined Black and brown neighborhoods.
Today, 163 organizations from across New York State delivered a letter to Senate Majority Leader Andrea Stewart-Cousins and Assembly Speaker Carl Heastie urging swift passage of the “New York Public Banking Act” (S1754/A3352) to advance racial and economic justice and ensure that public money works for the public good.
Thanks to all who joined us for our 2023 Spring Briefing for Supporters. Check out video from the event here.
Public News Service — The New York State Legislature is considering a bill to allow the creation of public banks. The New York Public Banking Act would authorize municipal and other local governments to form and control public banks through ownership interests such as capital stock. The hope is these banks will invest in community endeavors rather than interests in line with making the bank profit. A report from the Rainforest Action Network said some of the largest banks in the nation are heavily invested in the fossil-fuel industry despite world policy shifts to renewable energies.
Today, New York State legislators joined community and labor groups from across the state in calling on Albany to enact the New York Public Banking Act (S1754/A3352), which as of late last week has been co-sponsored by a majority of the NYS Senate.