REMARKS
Council Member Hudson advocates for Intro 888-A to protect homeowners from predatory real estate practices
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Council Member Crystal Hudson discusses her bill, Intro 888-A, which aims to protect homeowners from predatory real estate practices. The bill requires purchasers making unsolicited offers on certain residential properties to disclose the estimated market value of the home in writing.
- The bill targets the exploitation of long-time homeowners, particularly in rapidly gentrifying neighborhoods.
- It disproportionately impacts Black and Brown communities and older adults.
- Violators would face civil penalties, and property owners would have the right to take legal action.
Crystal Hudson
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Thank you, majority leader, and good afternoon.
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Today, I would like to briefly discuss my bill, intro eight eight eight, which the council is voting on today.
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As our city's housing crisis deepens, long time homeowners, particularly in rapidly gentrifying neighborhoods, are being targeted by predatory real estate practices.
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These schemes disproportionately impact black and brown communities and older adults.
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Unsolicited housing offers often dangling quick cash exploit asset rich and cash poor people, especially older adults on fixed incomes.
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These homeowners are pressured into selling far below market value, ultimately losing their most valuable asset, their home.
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Intro eight eight eight takes a critical step to protect homeowners from these bad actors.
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The bill would require purchasers making unsolicited offers on certain residential properties to disclose in writing the estimated market value of the home.
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This ensures homeowners have the necessary information to make informed decisions.
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Violators of this law would face civil penalties and property owners would have the right to take legal action.
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This is a simple common sense measure to safeguard longtime homeowner homeowners from exploitation.
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I urge my colleagues to take this meaningful action to protect New Yorkers from fraudulent real estate schemes and help ensure they can remain in their homes and communities by voting aye on intro eight eight eight.
0:48:55
Thank you.