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INDUSTRY NEWS: INDUSTRY NEWS

City Council Approves Four More Years Of Selling Off Property Debt To A Bank

Thursday, January 26, 2017   (0 Comments)
Posted by: Cara Biggs
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New York City will continue to enlist a private, multinational bank to collect debt from thousands of delinquent property owners for at least four more years, following a 10-0 Finance Committee vote on Wednesday.

The controversial tax lien sale—a one-day event in May where the city sells off the right to collect outstanding property, water and sewer fees to a private trust managed by the Bank of New York Mellon—brings hundreds of millions of dollars into city coffers each year. But social justice advocates argue that it is also perpetuating a cycle of property neglect and tenant abuse by landlords, primarily in low-income communities of color.

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