Is eminent domain coming to New York City?
Council members push to aid city’s underwater borrowers
A group of New York City council members are calling for the use of a controversial plan to prevent foreclosures in the city’s five boroughs.
Council members Jumaane Williams, Daneek Miller, Donovan Richards, and Mark Levine have joined with the New York Communities for Change and the Mutual Housing Association of New York to push for the city to use eminent domain to aid underwater borrowers.
In a study released Wednesday by the four council members, the New York Communities for Change and the Mutual Housing Association of New York, they report that there are more than 60,000 homeowners “in crisis” in the city. Those 60,000 underwater mortgages make up nearly 12% of the total mortgages in NYC.