Last month's public hearing highlighted concerns about the city's property tax lien sale, likening it to a predatory financial scheme that harms small building owners and exacerbates the affordable housing crisis. The city's program, which has been paused since the pandemic, is criticized for favoring hedge funds over local providers of affordable housing. The lien sale is depicted as perpetuating systemic racism, disproportionately affecting owners of color and low-income immigrant neighborhoods, with third-party investors imposing exorbitant fees and interest rates that threaten community stability.
The lien sale is a pipeline to the affordable housing crisis, favoring predatory speculators at the expense of long-term providers of affordable housing.
The city's lien sale perpetuates systemic racism by disproportionately harming small building owners of color and the families they house in low-income neighborhoods.
This predatory taking of private property allows third-party investors to charge exorbitant interest rates and legal fees, threatening family-owned properties.
The lien sale program should remain paused permanently, as it only serves as a short-term financial gain for the Department of Finance.
#property-tax-lien-sale #affordable-housing-crisis #economic-inequality #systemic-racism #predatory-lending
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