At both ends of the housing issue, people are struggling with the affordability crisis. We have a growing number of people in the shelter system (56% of which is Black), a growing number of people unhoused, and on the other end, homeowners who are also trying to keep up with rising costs but stagnated wages. 

Well-intended but poorly implemented policies, such as the eviction moratorium, have left small homeowners financially destitute.  Many owners of one- to three-family homes choose to rent out their properties, both to help provide housing for others and to receive support with mortgage payments and general upkeep.However, over the years, this has turned into a nightmare, especially for Black working-class homeowners who have the highest rates of foreclosure. Housing law reform and advocates have deemed homeowners as capitalist landlords, leading these small property owners to foreclosure and making them vulnerable to developers that are buying them out of their communities. This has acted as government-facilitated displacement and gentrification, especially of Black neighborhoods. 

On the other end, renters are kept in a perpetual state of renting and at the whim of yearly rent increases. Giving tenants an opportunity to own can intervene on the displacement we see in our communities and allow for opportunities of collective ownership. 

My plan will:

1. Advocate for budget allocations to provide financial support that allows Black tenants equal ownership and financial opportunity to participate in community land trusts and Tenant and Community Opportunity to Purchase. We need equitable production of more affordable housing free from displacement.

2. Make mortgages more obtainable by incorporating timely rent payments into credit history and credit scores.

Stop the Foreclosure Pipeline

Provide funding to allow small homeowners to recoup rent arrears from the 2020 eviction moratorium. Any rent freeze moving forward should include a subsidy for homeowners who rent, so they have a mechanism to recover all rent arrears.

1. Fund additional housing court judges and attorneys to address the backlog.

2. Fund services to provide education on proper standards and compliance to follow as a landlord, and free legal services for homeowners who are choosing to enter a landlord-tenant relationship.

Small Property Owners as Partners to Provide Housing

Small property owners (10 or fewer units) were once seen as the “mom and pop” owners in our community. From the senior who bought a brownstone in the 1970s and rented out a floor or two, to the immigrant family who saved up, bought a home, and decided to rent out a floor, or to the small property passed down from the generation before. These property owners were our neighbors who rented local, used local plumbers and carpenters for maintenance, and provided housing to people in need. However, over the years, supposed progressive policies have lumped small property owners in with large developers and unscrupulous landlords, and created conditions that pushed them closer to foreclosure or ultimately selling to large developers who have no interest in preserving our community. 

• Reinvest in opportunities for collective ownership by creating financial pathways for people to purchase co-ops and condos, and being able to convert small properties (10 units or less) into co-ops and community-owned buildings.

• Implement subsidy programs, exemptions, and renovation grants for small property owners who contribute to the housing stock, such as the J-51 tax incentives for capital renovation, or retroactively allowing existing small properties to benefit from 485-x tax incentives.

• Require the Department of Financial Services to publish annual reports on insurance premiums, availability, and non-renewals for multi-family housing statewide. As we address the affordability crisis, we need to prioritize structural interventions to insurance costs and ensure financial relief.