‘Cancel Tax Lien Sale,’ Brooklyn Community Groups Tell the City
At a public meeting on the 2021 tax lien sale, community groups, including Brooklyn’s Bridge Street Development, called on the city to halt this year’s sale.
An interesting discussion:
https://bkreader.com/2021/10/05/canc...tell-the-city/
From the article:
Brooklyn community groups called on the City to cancel the controversial tax lien sale planned for December, saying in a public meeting Oct. 1 that the sale increases the racial wealth gap.
Representatives of Habitat for Humanity, the New York City Network of Worker Cooperatives, Legal Services NYC, Bridge Street Development Corporation, Housing Organizers for People Empowerment, Small Property Owners of New York, New York City Artists Coalition, CUNY’s Hunter School of Urban Policy and Planning, the Abolish the Tax Lien Sale Coalition, and more, all spoke at the hearing, urging the city to rethink its lien sale practices.
Bridge Street Development Corporation President and CEO Gregory Anderson told those in attendance that the group firmly believed and strongly recommended that the lien sale scheduled for December should be cancelled.
“Given the historic and potentially negative impact of the lien sale on increasing the racial wealth gap within our community, we believe that until there is consensus, there should be no sale,” he told those in attendance.
The lien sale is held every year by the New York City Departments of Finance and Environmental Protection, where the tax liens on properties with unpaid property taxes and water bills are sold off in an auction.
The City sells the liens to a single authorized buyer, who does not take title to the property, but does purchase the right to collect the money owed plus interest and fees — ultimately multiplying the debt.
If the property owner does not pay, the lien holder may foreclose on the property and the building will be sold at auction.
This year, the Department of Environmental Protection has opted out of the sale, which will only include Department of Finance held property tax liens, not water and sewer liens.
The NYC Department of Finance page on the tax lien sale:
https://www1.nyc.gov/site/finance/ta...ien-sales.page