REMARKS
Voting on deed theft prevention bills to protect homeowners
0:35:38
ยท
93 sec
Speaker Adams introduces two bills aimed at strengthening deed theft prevention, particularly in neighborhoods with significant rates of Black and Latino homeownership. These bills are part of ongoing efforts to protect homeowners from predatory schemes and preserve generational wealth.
- Introduction 901-A: Requiring the Office of the Homeowner Advocate to provide support to homeowners, including financial planning and scam prevention
- Introduction 888-A: Mandating disclosure of estimated market value for certain unsolicited residential property purchases, with civil penalties for violations
Adrienne E. Adams
0:35:38
In our neighborhoods, particularly those with significant rates of black and Latino homeownership, deed theft has become an increasing issue.
0:35:46
These predatory schemes threaten the loss of prized assets and transfer of hard earned generational wealth within families already disproportionately affected by racial wealth gaps.
0:35:57
As part of ongoing efforts to prevent deed theft, the council has collaborated with local law schools and pro bono attorneys to provide free estate planning resources to New Yorkers in all five boroughs.
0:36:09
Today, we're proud to pass these bills to build on our efforts to prioritize and protect homeownership.
0:36:16
Introduction
Lynn Schulman
0:36:17
nine
Adrienne E. Adams
0:36:17
zero one a sponsored by council member Kevin Riley would require the office of the homeowner advocate to consult with the Department of Consumer and Worker Protection to provide support, including financial planning, mortgage counseling, and scam prevention and counseling to homeowners and their heirs in order to protect their assets.
0:36:35
Introduction eight eight eight eight eight a, sponsored by council member Crystal Hudson, would require that when a purchaser submits an order to buy certain residential property that the owner has not listed for sale, is not actively selling, or did not intend to sell, the purchaser must disclose in writing in a clear and conspicuous manner the estimated market value of the residential property.
0:36:57
Any purchaser who violates this law is liable for a civil penalty of up to $500 for the first violation and up to $1,000 for a subsequent violation.
0:37:07
Thank you to our staff members, Rachel Cordero, Natalie Melser, and Sarah Sway.