The article discusses the significant decline of Black homeowners in New York City, which housing advocates attribute to factors such as deed theft, foreclosures, lack of affordable homes, and low financial literacy rates among African Americans. Dr. Zulema Blair highlighted that the percentage of Black homeowners in Bedford-Stuyvesant has decreased from 70-80% decades ago to around 50%, with NYC ranking last in Black homeownership at just 31%. To address these challenges, the Dubois Bunche Center is offering public workshops aimed at improving financial literacy in the community.
Dr. Zulema Blair emphasized the alarming decline in Black homeownership rates in New York City, which fell from 70-80% in communities like Bedford-Stuyvesant to just 31% today.
Blair noted that in neighborhoods where home values have rapidly increased, like Bed-Stuy and Crown Heights, the economic loss for Black families due to foreclosures can be disproportionately high.
She pointed out that many in the African American community struggle with financial resources, as they may not have access to investment savings or methods beyond checking and savings accounts.
To combat the decline, the Dubois Bunche Center is conducting workshops focused on financial literacy, budgeting, and credit management, thereby fostering financial coaches from within the communities.
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