Seeking solutions to a growing homeownership crisis in central Brooklyn, state lawmakers hosted a legislative hearing last Friday afternoon at Borough Hall.
Dozens of residents packed the courtroom for the three-hour hearing, which focused on foreclosures, property deed fraud and, especially, on the negative effects of the city’s Third Party Transfer (TPT) program.
While some homeowners shared stories of losing their longtime properties due to what they considered unfair and possibly illegal actions, attorneys and representatives from nonprofits gave suggestions for policy changes that could stem the crisis.
“We hope to have some recommendations for us to take with us in terms of legislative remedies to address these problems,” said State Senator Velmanette Montgomery.
Last October, nearly 20 state legislators penned a joint letter to the New York State Unified Court System and city officials to request a moratorium on the city’s TPT program until an investigation can be conducted on the legality and effects of the initiative.
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