Eric Adams wants more New Yorkers to be homeowners — and stay that way
Heeding calls from leaders of color, City Hall outlines commitments to promote development and buyer assistance, while seeking to avoid a repeat of the foreclosure crisis.
Jamaal Bailey grew up in a building his family owned on Paulding Avenue in the North Bronx, in an area where it’s common for Black households to own their own homes.
Now a state senator, he’s part of a group of elected officials of color who are pushing for more help for New Yorkers who want to become owners. “It made me who I am,” he said. “I know New York City is a city of renters, but I want it to be a city of homeowners too.”
For the entire eight years of the de Blasio administration, the driving force of affordable housing programs was to build as many affordable rental apartments as possible. Now Mayor Eric Adams has embraced a housing plan that puts greater emphasis on “affordable homeownership” designed to increase the distressingly low numbers of New Yorkers of color who are homeowners — and by doing so making a dent in the city’s yawning inequality.