REMARKS
Council Member Hudson explains the importance of Intro 88-A to protect homeowners from predatory real estate practices
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Council Member Crystal Hudson presents her bill, Intro 88-A, which aims to protect homeowners from predatory real estate practices in New York City. She explains how the bill would require purchasers making unsolicited offers on certain residential properties to disclose the estimated market value in writing, helping to safeguard homeowners from exploitation.
- The bill targets issues related to the city's deepening housing crisis and its impact on long-time homeowners in gentrifying neighborhoods.
- Hudson highlights that these predatory schemes disproportionately affect Black and Brown communities and older adults.
- The Council Member urges her colleagues to vote yes on Intro 88-A to protect New Yorkers from fraudulent real estate schemes.
Crystal Hudson
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Thank you so much, chair Menon, for giving me the opportunity to discuss my bill intro eight eight eight.
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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 the This is a simple common sense measure to safeguard longtime 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 yes on intro eight eight eight.
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Thank you.