Q&A
Insurance cost crisis and potential redlining in New York City
1:24:01
·
138 sec
Commissioner Carrión and Council Member Sanchez discuss the broader insurance cost crisis affecting residential buildings in New York City, including concerns about potential redlining. They emphasize the need to address this issue and explore various solutions.
- Commissioner Carrión mentions the possibility of redlining occurring in the insurance market
- The discussion extends to both affordable housing and general residential insurance rates
- Council Member Sanchez emphasizes the need to pursue opportunities to keep homes affordable across all types of housing, not just HPD-financed buildings
Pierina Ana Sanchez
1:24:01
THANK YOU.
1:24:01
COUNTSMEMBER, DINOWETZ, I Just WANT TO FOLLOW UP ON the on your question about insurance and the first deputy your response about captives, I've been approached as as chair of this committee to ask you, ask the agency if you will be collaborating with affordable houseers that are trying to work together to to create a captive in order to address the insurance costs issue in the city of New York.
1:24:28
And in part particular might as well name them Milford Street Association.
Adolfo Carrión Jr.
1:24:33
We are in active discussions.
1:24:37
We We need to respond.
1:24:40
This is a cost crisis for many, many, many buildings, residential buildings across the city.
1:24:48
There's a lot of layers here.
1:24:50
I think, you know, there's a potential redlining that's occurring.
1:24:55
That we're gonna have to look at as a city, and I'm not taking a position as as HPD commissioner on this.
1:25:01
I'm just saying, I'm stating the obvious.
1:25:03
You know, I've seen redlining and I know what it is and you know it when you see it.
1:25:07
Yeah.
1:25:08
And so we're very animated about this in interested in.
Pierina Ana Sanchez
1:25:13
Thank you, commissioner.
1:25:14
Yes.
1:25:14
And it's an issue that we're seeing in affordable housing and just Yeah.
1:25:18
Home residential insurance rates, but we're also seeing it in the vehicle market as well.
1:25:23
And just to ask a clarifying question, are you is the agency in discussion with multiple entities about different captives?
Adolfo Carrión Jr.
1:25:32
I mean, we know of one discussion that Richard Ravich was the chairing the group.
1:25:44
I know that there's interest obviously among the development community and the owners of residential real estate.
1:25:52
We're certainly interested, so welcome ideas, no ideas, and new players.
Pierina Ana Sanchez
1:25:57
Thank you, commissioner.
1:25:58
I just want to emphasize my colleague's perspective that, you know, we should we should definitely be pursuing these opportunities and broadening them to the the full scale of need.
1:26:07
So not just HBD financed buildings and homes, but everything that we can to keep the, you know, homes affordable in the city of New York.
1:26:18
Thank you.