REMARKS
Julie Menin introduces committee vote on deed theft prevention bills
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Council Member Julie Menin opens the Consumer and Worker Protection Committee meeting, introducing two bills aimed at protecting homeowners from deed theft and related scams. She provides context on the issue of deed theft in New York City and its impact on vulnerable communities.
- Menin outlines the prevalence of deed theft, noting nearly 3,000 complaints in the past five years, with 45% occurring in Brooklyn.
- She explains the two bills being voted on: Intro 88-A and Intro 901-A, sponsored by Council Members Hudson and Riley respectively.
- The chair emphasizes the importance of these bills in protecting homeowners' assets and preserving generational wealth transfer.
Julie Menin
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Good morning, and welcome to today's consumer and worker protection committee vote on proposed intro number eight eight a and proposed intro number nine zero one a.
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I first want to recognize, my fellow colleagues who are here today, council member Osei, council member Juan, council member Brewer, council member Krishnan, council member Hudson, majority leader Farias, and I'll acknowledge, and council member Abreu is on Zoom.
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Thank you.
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For many New Yorkers, our home is our greatest financial asset.
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Unfortunately, scammers seek out financially vulnerable homeowners to fraudulently take ownership of their property.
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According to the New York attorney general's office, deed theft occurs when someone takes a title to someone's home without the homeowner's knowledge or approval.
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Two of the most common ways scammers steal deeds are forgery, where the scammers fake the homeowner's signature on a deed and files it with the county clerk, and fraud where the homeowner signs a deed over to the scammer without realizing what they are really signing.
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In the past five years, the city has received almost 3,000 deed theft complaints, forty five percent of which occurred in Brooklyn and primarily in communities of color and among older adults.
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Deed theft can be particularly catastrophic for retirees or those who are on fixed incomes.
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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.
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Deep 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.
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Stripping families of these assets perpetrates economic disparities.
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Today, we're voting on two bills that seek to ensure homeowners know how to protect their assets and are better able to identify deed theft scams.
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Proposed intro eight eight a sponsored by council member Hudson would require that when a purchaser submits an offer to buy certain residential property that the owner is 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 such property.
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Proposed intro nine zero a a sponsored by council member Riley would require the office of the homeowner advocate to consult with the Department of Consumer and Worker Protection to provide support and counseling to homeowners and their heirs to protect their assets, which could include financial planning, mortgage counseling, and scam prevention.
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Council member Hudson will now make a statement about her bill.