East NY Leader Thinks Mayor Didn't Give Nearly Enough Budget Money To Homeowner Programs

BROWNSVILLE-EAST NEW YORK, BROOKLYN — City Council Member Rafael Espinal, who represents parts of Bushwick, East New York, Cypress Hills and Brownsville, said Tuesday that Mayor Bill de Blasio should spend twice as much on a city program to help people own their first homes in New York City. Espinal called on the mayor to expand the Housing and Preservation Department's HomeFirst Down Payment Assistance Loan Program from $15,000 to $30,000. According to Espinal, program assistance has to reflect the recent increases in property values.

"...A fundamental component necessary for our sustainability and growth must be properly addressed," Espinal said in a statement. "The ability to buy a home has long been an effective tool for working and middle class families to achieve economic stability and build a foundation for their successive generations. Statistics have shown that the homeownership rate in New York City has reduced to well below 50%, which is the lowest it’s been in decades."

"Although housing interest rates remain at historically low levels, market prices have gone through the roof, making homeownership literally impossible for working class and middle class New Yorkers. We must think proactively about how to help first time homebuyers purchase their own piece of their community.

"It is no secret that NYC is experiencing a housing crisis. Let us not overlook an extremely effective tool in easing this crisis, while simultaneously creating a pathway for long-term economic stability for more NYC families."

A report by the NYU Furman Center in August 2016 found Brooklyn had the fourth-lowest homeownership rate of all U.S. counties. Of Brooklynites who owned homes, more than half spent 30 to 50 percent of their income on housing, and 23 percent spent more than 50 percent on housing, the report found.

Photo via Sarah Kaufman/Patch