The tax lien sale in Brooklyn is set to commence, raising alarming concerns among housing advocates who believe it harms the city's most vulnerable communities. Over 26,500 properties are slated for sale, allowing delinquent tax debts to be sold to investors. This system can lead to steep interest rates for homeowners who are often already struggling, particularly affecting communities of color. Advocates warn that the upcoming sale could result in significant property losses, especially for residents classified as 'house rich and cash poor.'
The process of selling tax liens is considered predatory, disproportionately impacting vulnerable communities, particularly in Brooklyn, where homeowners are often 'house rich and cash poor.'
The upcoming tax lien sale is a concern for housing advocates as it threatens the homes of many vulnerable residents, especially those with smaller family properties.
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