WORLD WORLDWIDE USA New York NY New York City NYC thecity THE CITY News Journal Update - THE CITY SCOOP: How Speculators Cash In When NYC Homeowners Die Without Wills

 

View this email in your browser If you know anyone who might like this newsletter, send it to them. If this was sent to you by someone else, subscribe here — it's free!  Dear New Yorkers, For tens of thousands of Black and Latino families, buying a small family home has been the key to establishing an affordable foothold in New York City. And as gentrification revved up real estate prices in minority neighborhoods, homeownership finally unlocked the opportunity to pass down generational wealth.  But in an increasingly unequal city, many of these life-changing asset transfers are slipping by as homeowners pass away without wills, leaving valuable property untended and ripe for exploitation. In a wide-ranging investigation, THE CITY exposed how rings of speculators prey on and profit off of these murky situations. They target neighborhoods where property values have skyrocketed. And they pick out homes that legally belong to a patchwork of heirs — some of them elderly, some of them out-of-state — who have no inkling of the market value of the fractional shares they’ve inherited. In response to THE CITY investigation, city and state lawmakers have decried speculators’ tactics, but that has not resulted in concrete policy proposals to address the predatory practices.According to interviews with more than 20 current and former law enforcement investigators, legislators, court officials, housing attorneys and real estate professionals, the failure to resolve the problem lies in a profound lack of state capacity. Read more here. Some other items of note: A UPS strike has been averted: the shipping giant and the union that represents roughly 340,000 UPS drivers and warehouse workers reached an agreement yesterday. For the first time, the company committed to installing air conditioners in delivery trucks nationwide, among other wins for workers. The air conditioners were a particular rallying point after a wave of incidents in which UPS workers suffered from heat-related illnesses, and at least one died. Criticism is mounting of City Hall’s ambition to erect a 34,000-seat stadium in Van Cortlandt Park to host four matches in about as many days as part of the International Cricket Council T-20 World Cup next June. Bronx residents are leery of it. Some elected officials expressed concern that the work could damage the park and the nearby Enslaved African Burial Ground, while creating long-term traffic and security issues. And, experts are skeptical the stadium could be built in time.  On the latest episode of the FAQ NYC podcast, Jeff Coltin of Politico joins hosts Christina Greer and Katie Honan to dig into how Mayor Eric Adams and his prospective 2025 challengers are positioning themselves, plus all the news from another jam-packed week in New York City.  Hey, Scoop subscribers. We’re a small nonprofit newsroom and could use your help in figuring out how best to serve you. Your insights aid our mission in helping all New Yorkers across the five boroughs engage in civic life. Consider taking our 10-minute survey — and helping shape the future of our newsroom. As an added incentive, we’re giving a $100 gift card for Blue Stockings Cooperative Bookstore to one respondent.  For the latest local numbers on COVID-19 hospitalizations, positivity rates and more, check our coronavirus tracker.  Weather scoop by New York Metro Weather Wednesday's Weather Rating: 5/10. We've cleared out from  yesterday's storms, but it's still hot and humid. Highs in the upper 80s with dew points right on the edge of being uncomfortable. We'll take the sunshine, though. The vibes are...all right. Things To Do Here’s what’s going on around the city this week. Saturday, July 29: Learn to ride a bike in Van Cortlandt Park, at a free event hosted by the Parks Department. 11 a.m. to 2 p.m. Free.  Saturday, July 29: SummerStage continues with free concerts nearly every day. This Saturday’s event features Tuareg singer-songwriter and guitarist Mdou Moctar, who infuses “African influences with psychedelic rock ‘n’ roll.” Rumsey Playfield in Central Park, 6 p.m. to 10 p.m. Free.  Saturday, July 29 and Sunday, July 30: The 12th annual New York City Poetry Festival, featuring headliners Danez Smith, Franny Choi, Saeed Jones and torrin a. greathouse. Governors Island, 11 a.m. to 6 p.m. both days. Free or sliding scale.  THE KICKER: Ever wonder about the subway water dripping on your head? Curbed reports that an “incredibly small, somewhat arbitrary sample” suggests it might not be as bad as we think.  Thanks, as always, for reading. Make it a great Wednesday. Love, THE CITY P.S. If you liked something about today's newsletter, or didn't, let us know at zshah@thecity.nyc THE CITY's work is made possible, in part, through the support of our sponsors. Interested in becoming a sponsor of THE CITY? Contact us here.  Copyright © 2023 THE CITY, All rights reserved.