- Since 2002, NYC’s Black homeownership rate has fallen by over 10%.
- Drivers include heirs of deceased owners selling out and older former owners losing their homes during the subprime bubble (risky mortgages).
- Heirs who seek to keep homes within families often lack financial resources to buy out other heirs.
- Young Black professionals seeking NYC properties are constantly outbid or shunned by sellers averse to low down-payment FHA loans.
- Article details past eras of housing affordability and current individual struggles faced by Black New Yorkers.
The Resilience of New York’s Black Homeowners
(08/17/2021)
