REMARKS
Impact of deed theft on older adults and communities of color
0:03:29
·
60 sec
Council Member Hudson outlines the widespread impact of deed theft, particularly on older adults and communities of color in New York City.
- In the past 5 years, NYC has received about 3,000 deed theft complaints, with 45% occurring in Brooklyn.
- Deed theft disproportionately affects communities of color and older adults.
- The impact on victims includes:
- Potential homelessness due to lack of resources for alternate housing
- Disruption of generational wealth transfer, particularly affecting communities of color
- Significant emotional strain and trauma
- Exacerbation of preexisting health issues in older adults
Crystal Hudson
0:03:29
Unfortunately, it is also the reality for mister Cortez and thousands of other New Yorkers.
0:03:35
In the past 5 years, the city has received about 3,000 deed theft complaints, 45% of which occurred in Brooklyn and primarily in communities of color and among older adults.
0:03:45
Deed theft can particularly can be particularly catastrophic for retirees or those on fixed incomes, often leaving them without the resources to secure alternate housing and increasing their risk of homelessness in New York City's high priced housing market.
0:03:59
Deed theft also disrupts generational wealth transfer, which is particularly impactful in communities of color where families may rely on passing down property to achieve economic mobility.
0:04:09
Stripping families of these assets perpetuates economic disparities.
0:04:13
Beyond finances, deed theft is also a traumatic experience that can impact older adult victims who may experience significant emotional strain from both the betrayal and the potential displacement.
0:04:23
The stress associated with these circumstances can exacerbate preexisting health issues leading to a decline in overall well-being.
