Op-Ed | Black homeownership is on the line, NYC must protect it | amNewYork

"For generations in New York's Black community, it has represented stability in the face of uncertainty, dignity in the face of exclusion, and a pathway to something our ancestors were systematically denied: intergenerational wealth. When Council Member Chi Osse was arrested while protesting an eviction stemming from deed theft, it shed light on one of the many crises that have plagued homeowners for years."

"From redlining and discriminatory lending to racially restrictive covenants, Black families were deliberately locked out of homeownership opportunities. Those legacies persist today in appraisal gaps, unequal access to refinancing, and neighborhood disinvestment. When a Black family becomes a homeowner, it is not just a financial milestone, it is an act of repair in a system that was not designed for their stability."

"Homeownership is a form of stewardship. It provides stability for children, consistency in education, and a foundation for long-term wealth-building. For many families, housing equity is their largest asset and the primary driver of intergenerational wealth. But that stability is increasingly fragile without stronger policy protections."

Homeownership holds profound significance for New York's Black community, symbolizing stability, dignity, and access to intergenerational wealth historically denied through systematic exclusion. Black New Yorkers possess only 12 percent of the city's housing wealth despite representing 20 percent of the population, reflecting persistent structural inequities. Historical discriminatory practices including redlining and racially restrictive covenants created lasting legacies manifesting today through appraisal gaps, unequal refinancing access, and neighborhood disinvestment. Homeownership functions as stewardship, providing educational consistency and wealth-building foundations for families. Current threats including rising property taxes, predatory lending, deed theft, and corporate acquisition endanger this fragile stability, requiring deliberate policy intervention to close the wealth gap.

Read at www.amny.com