Predatory Investors Target Black Homeowners in Desirable Markets

Angelo Young SAVE THIS


African American homeowners in gentrifying urban areas are increasingly being targeted by real estate speculators who use a legal tactic to force the sale of inherited properties for far below fair market value, The North Star has learned.

Now, a group of New York City-based lawyers is urging New York state lawmakers to boost protections to the residents whose homes are owned through inheritance by multiple family members.

In cities with skyrocketing housing costs, so-called “heirs properties” are often the only way some Black homeowners can afford to remain in neighborhoods whose property values have skyrocketed as they evolve from blighted, redlined districts into white-hipster playgrounds or the next hot neighborhood for yuppie families.

“They’re mostly low-income people or seniors, people on a fixed income who are basically getting priced out of New York City,” Scott Kohanowski, director of homeowner stability at the City Bar Justice Center, told The…

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