Abolish the Tax Lien Sale Campaign
What is the NYC tax lien sale?
A system put in place by former Mayor Giuliani in 1997, that allows the City to sell your property tax debt to Wall Street if it's over $1,000. This exploitative system still exists today!
How does the sale work?
First, the City sells the liens to a trust in exchange for 70% of the total value of the liens. The trust is made up of private interest groups like investors and development groups.
Once lien is sold, the trust hires a debt collection company to go after property owners for the debt they owe. The company charges high fees and daily compounded interest of up to 18%!
If debt can't be recovered/paid, they can foreclose on your property!
Why is the sale BAD for New Yorkers?
- Fuels Displacement
- Strips Communities of Wealth
- Disproportionately impacts seniors, long-term homeowners of color; immigrant communities, tenant's in small buildings with vouchers, tenants in big slumlord buildings
- Vacant lots in the lien sale = Lost Opportunity to Create Affordable Housing
What can you DO about it?
1. Email the Mayor and the City Council Speaker by entering your address on the right side of this page.
2. Sign the petition here.
3. Visit our website to find out more.
Letter Campaign by
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Queens, New York
Sponsored by
New York, NY