REMARKS
Council Member Adrienne Adams introduces legislation to increase affordable homeownership opportunities
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4 min
Council Member Adrienne Adams introduces and explains her proposed legislation, Intro 958, which aims to increase affordable homeownership opportunities in New York City. She discusses the importance of homeownership for community stability, the current challenges in accessing affordable homes, and the racial disparities in homeownership rates.
- The bill would require HPD to double its current rate of affordable home production.
- It mandates that at least half of the subsidized homeownership units be newly constructed.
- Adams emphasizes the need to address racial disparities in homeownership and support working and middle-class families.
Adrienne E. Adams
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Thank you so much, Charice Salamanca.
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Good morning, everyone.
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I thank the chair for leading today's committee on land use hearing, which includes my bill, introduction 958, It is legislation to increase the number of homeownership opportunities created by our city for New Yorkers.
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And thank you to everyone who has joined us here today.
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Affordable homeownership is key.
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To promoting stable and economically healthy communities.
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It is integral to keeping working in middle class families in our city, especially at a time when it has become increasingly harder for them to remain here as a result of housing and childcare related pressures.
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I was fortunate enough to grow up in Hollis Queens, in a home, and when it was time for my husband and me to put down roots and raise our own family we chose to make a queens, and that's where we bought our home.
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We raised our family there, and 35 years later, we are still there.
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Homeownership pay the pathway for us to stay in our community and to be a part of investing in our community.
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That was the case for many families and my native Southeast Queen's And it's why I have advocated to protect and expand home ownership opportunities for New Yorkers who want to stay in their neighborhoods.
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However, it has become far too unattainable for families to access similar tunities previously afforded to live in this city and buy a home.
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The city's median home the city's median home price has more than doubled since 2000.
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When adjusted for inflation and now stands at over $700,000, putting homeownership out of reach for the majority of New Yorkers.
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The lack of affordable homeownership opportunities is pushing more and more working in middle class families to leave this city that they love.
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This is leading us to lose the strength that diverse families contribute to our city.
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Access to home ownership remains profoundly unequal.
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Based on race.
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While 42.5% of white households in New York City owned their homes, only 28.3% of black households and just six 16.7% of Latino households are actually homeowners.
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These persistent disparities reflect the legacy of discrimination, including practices such as redlining, that perpetuate wealth gaps that impact our city to this very day.
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Our city's black population has declined by nearly 200,000 people over the past 2 decades.
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And the lack of opportunities to own a home is a major factor.
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It is deeply alarming.
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Neighborhoods in Southeast Queens, Central Brooklyn, and the Bronx have been havens for homeownership that supports closing wealth gaps and mobility for working families, yet we are losing this.
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To ensure that our communities thrive with the dream of owning a home, remaining a possibility for residents today, and for generations to come, our city must do better.
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Part of the solution is my bill, which aims to at least double the pipeline of affordable homeownership opportunities throughout the city.
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We must dedicate more resources to build more affordable homes.
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Support first time homebuyers and ensure homeowners can remain in those homes.
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Introduction, 958.
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Which I first outlined in my state of the city address this year, would require the Department of Housing preservation and development to double its current rate of affordable home production, including new single family, 2 family, multifamily, coops, and down payment assistance programs.
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It would also require that at least half of the subsidized homeownership units be newly constructed in addition to the conversion of rental units into homeownership opportunities and down payment assistant programs.
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Today, I look forward to hearing about the city's approach to creating new homeownership opportunities, how this led us slation will impact that approach and other feedback from our stakeholders.
0:23:30
Thank you, Cherish Salamak.
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I'd now turn it back over to you.
