Torres: Home Seizure Program Has Sights on Black and Hispanic Homeowners
A city program that takes away distressed homes from owners is doing more harm than good, robbing its owners of its home valued at millions of dollars in market assets, according to an investigation by the New York City Council. And their findings have found the Bronx is among those hardest hit. “Our investigation found that out of 420 properties, 210 of them had no financial distress. The legal standard for financial distress is a 15 percent lien-to-value ratio, those 210 properties on average had a 3 percent lien-to-value ratio,” said Councilman Ritchie Torres at a news conference outlining his findings
