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How Activists Are Using Banks To Increase The Affordable Housing Supply

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The housing crisis is hitting New York extremely hard but there’s one group of real estate flippers that are hoping to provide thousands of affordable houses to those in need. By pressuring banks to complete the foreclosure process of these “zombie” homes, the banks would be forced to restore the properties to livable conditions and under the state’s laws, into affordable housing units. Cenk Uygur and Ana Kasparian discuss on The Young Turks. Watch LIVE weekdays 6-8 pm ET. http://youtube.com/theyoungturks/live

Read more HERE:
https://www.businessinsider.com/vacant-properties-new-york-repurposed-as-affordable-housing-2022-5

"New York is facing a crippling housing shortage, but there are thousands of vacant homes across the state that could help ease its affordability crisis.

One group has a solution to turn these so-called "zombie" homes into affordable housing by forcing banks to complete the foreclosure process and return the housing to livable conditions.

Zombie homes are everything they sound like — decrepit, dangerous, and abandoned properties.

But they are also a relic of the subprime-loan gold rush of the mid-2000s — a time when many communities of color fell victim to predatory lending practices that often ended in foreclosure.

The Local Initiatives Support Corporation, a national nonprofit organization, has funded and provided guidance to the Department of Housing Preservation and Development — which is responsible for developing and maintaining New York City's stock of affordable housing — to ensure banks follow the state's "zombie law" to restore vacant homes into affordable units."

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220602__TB04_NY_Group_Repurposing
Category
Europe
Tags
220602__TB04_NY_Group_Repurposing, News, Politics
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