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EXPANDING BLACK HOMEOWNERSHIP IN NYC
Assembling a down payment is one of the greatest barriers to homeownership for Black New Yorkers. It takes the average New Yorker 18 years to save for a 20% down payment.
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The large gap in wealth and income between Black and White households is at the root of some of the most significant barriers to homeownership for Black New Yorkers.
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In previous decades, the City has supported the creation of tens of thousands of below-market co-ops and encouraged renters to take ownership of their own buildings. These initiatives greatly benefited households of color, as they were more likely to be locked out of market rate homeownership.
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For too many Black families in New York City, inheriting a home does not lead to sustained homeownership. Deed theft, predatory lending, and expensive entanglements with tax liens and other inherited debts are major obstacles to the safe transfer of homes across generations.
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For too many Black families in New York City, inheriting a home does not lead to sustained homeownership. Deed theft, predatory lending, and expensive entanglements with tax liens and other inherited debts are major obstacles to the safe transfer of homes across generations.
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