Research led by the Centre for NYC Neighbourhoods (CNYCN) and carried out by an AI revealed major racial disparities in homeownership, home loans, and foreclosures in NYC.
The analysis reported that areas with a bigger proportion of Black and Hispanic homeowners have lower home values and have a higher cost of home purchases than any other racial group.
These data were found out during a startling decrease in Black homeownership in NYC since 2008, with more than 20,000 Black homeowners lost their homes in Queens between 2005 and 2017.
The CNYCN hopes that by shedding light on this, some actions could be taken to help reduce the racial disparities in homeownership. It will thus use the insight to design programs that will help increase Black homeownership and advocate for policies that help close the racial wealth gap.
