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NYC Settles Controversial Tax Transfer Program | Real Estate News
New York City just agreed to a massive settlement over its controversial third-party transfer program, which foreclosed on tax-delinquent properties and handed them to nonprofits—often for far more than the debt owed. The deal could mean $937,500 per property, targeting hundreds of buildings that disproportionately impacted Black and brown owners, especially in Housing Development Fund Corporations (HDFCs)—affordable housing co-ops already hit hard by past foreclosures. Over 11 years, more than 500 properties were seized, affecting 7,000 units; some HDFC co-ops owe up to $120K per unit in…
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