Abolish the NYC Tax Lien Sale

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Dear NYC Council Members,

As you may know, the current law authorizing the New York City Tax Lien Sale expires December 31, 2020. In order for future sales to happen, City Council must pass a new bill regarding the 2021 sale and other future sales by the end of the year.

We are calling on City Council to permanently abolish the tax lien sale.

The NYC Tax Lien Sale was first established by Mayor Guiliani in 1997. Before that, the City collected and handled its own debt collection instead of selling small property owners' debt to a multinational bank as it does now. Many cities across the US have not privatized debt collection. We need you to stand with us against this Giuliani law.

Why is the Tax Lien Sale a racist and unjust policy?
The sale disproportionately affects low-income, elderly, and Black and Latinx homeowners and tenants.
Once homeowners enter the lien sale process, they are charged high interest rates on their debt which is compounded daily.
The debt of the homeowners is sold to Wall Street investors who capitalize off of their financial hardship.
The tax lien sale is a way to address a public problem with a private solution. The only parties benefiting from the sale are private interest holders. 

By abolishing the exploitative tax lien sale, we can protect our homeowners and tenants and create affordable housing. When we talk about a just recovery, about transforming unjust systems in the wake of crisis to build a more equitable economy, this is what we mean.

Sincerely, 

Concerned Residents