In New York, report finds homeowners of color pay $200M more in interest and fees

New York Attorney General Letitia James is calling on state lawmakers to tackle unfair credit and lending practices that fuel a staggering racial gap in homeownership and force New Yorkers of color to pay hundreds of millions more in interest compared to white owners.

“Unequal access to affordable credit is still pervasive across our state, reinforcing the legacy of segregation, leading to a disparity in homeownership, and fueling the racial wealth gap,” James said in a statement accompanying the report. Researchers pinned the blame on limited lending options in communities of color, as well as entrenched discrimination — like the legacy ofthat banned Black New Yorkers and other people of color from moving into certain areas. James said state actions have only worsened the divides.

James’ office said about two-thirds of white New Yorkers own their own homes, compared to about 72% of white Americans nationwide. But only 32% of Black New Yorkers own their homes, compared to 43% of Black households nationwide. And just 27% of Latino New Yorkers own their homes—about half the nationwide rate of 51% among Latinos, the report continued.

The racial wealth and homeownership gaps are having huge consequences for New York City, said Sabrina Bazile, a senior program manager for the Black Homeownership Project at the Center for New York City Neighborhoods.

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