This issue brief summarizes home foreclosure risk patterns across New York State, and updates our 2012 report, Foreclosures in New York: What’s Really Going On?, and 2014 brief, Foreclosure Risk in New York State.
City Limits, Op-ed by Deyanira Del Rio and Andy Morrison — Unless you’ve been stuck under a rock – or perhaps on the 7 train – you’ve heard the news: the winner of the Amazon HQ2 sweepstakes is…Amazon. Two hundred and thirty-eight cities competed. Twenty finalists raced to the finish line. Two – New York City and Washington, D.C. – were selected to split Amazon’s new so-called second headquarters. But in the end, Amazon took home the big prize: $4.6 billion of public money.
Staff attorney Raúl Carrillo delivered our message at a rally organized by Fed Up: The National Campaign for a Strong Economy to demand the appointment of an accountable president of the Federal Reserve Bank of New York.
City Limits — Banks in New York are denying more housing loans in neighborhoods where people of color dominate, and are turning down black applicants who seek mortgages and refinancing at a higher rate than similar white applicants, an advocacy group reported this week.
These days it seems taken for granted that banks discriminate against people and neighborhoods of color – they’re banks, right? We can thank the Center for Investigative Reporting for reminding the world that this is not okay.
NYC Public Advocate, Press Release — Public Advocate Letitia James unveiled the ten banks that loan to the most buildings owned by the City’s Worst Landlord Watchlist. She called on these banks to reform their lending practices to protect tenants.
Center for Public Integrity — A housing scam alleged by Brooklyn Legal Services uses a map produced by New Economy Project to illustrate the concentration of suspicious property transactions in communities of color.
City & State NY — Carmen Vega-Rivera jokes that she’s spent so much time in Bronx Housing Court that she sometimes checks to see if her portrait has been put up on the walls.
New Economy Project presses NYC Community Investment Advisory Board to collect and make public data on a wide range of banks’ activities, as banks have a very poor track record of serving New York City communities, particularly communities of color.
In 2008, at the peak of the foreclosure crisis, New Economy Project launched a foreclosure prevention loan fund that over the next five years helped almost 400 low-income New Yorkers avert foreclosure and keep their homes.