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Dear New Yorkers,

Is your bank charging Black homeowners in New York City higher interest rates on their mortgages?

If you bank with Bank of America, Citibank or JP Morgan Chase, the answer is yes, according to a new analysis of loan data.

According to the report by The New Economy Project, a racial and economic justice advocacy group, white borrowers received interest rates of 3.77% on average compared to 4.13% for Black borrowers between 2018 and 2023. Other non-white borrowers received an average interest rate of 3.83% during that time period.

Pricier loans add up to tens of thousands of dollars more in costs — and the disparity held up even after comparing income and debt levels, with white borrowers who earned less than $100,000 having an average interest rate of about 3.93% compared to 4.20% for Black borrowers who earned more than $100,000.

The analysis also found that the three banks denied Black homeowners refinancing almost twice as often as white homeowners. Nearly a quarter of Black homeowners were rejected when they tried to refinance, compared to just under 13% of white homeowners.

Read more here about the new findings — and whether the city might be able to hold the banks to account.

Weather ☀️

Warm and sunny again, with temperatures reaching the mid-70s.

MTA 🚇

There’s no 6 service between Westchester Square and Pelham Bay Park late morning and early afternoon today, and more. Find the latest delays and planned changes here.

Alternate side parking 🚙

It’s in effect today, Oct. 22.

Our Other Top Stories

The City Council is considering Mayor Eric Adams’ “City of Yes” rezoning proposal this week. Yesterday, councilmembers questioned administration officials about the plan during a public hearing; today, they’ll hear from members of the public. They are expected to amend and vote on the proposal —  which the City Planning Commission approved in September — before the year’s end.  Bronx Community College is set to get a major upgrade to the school’s Ohio Field. A total of $4 million in city and state capital funding will be used to “transform the entire baseball field, soccer field, and track.” On the latest episode of the FAQ NYC podcast, the campaign director of New Yorkers for Equal Rights discusses Proposition 1, the state’s “equal rights amendment” ballot measure. Plus, the hosts talk about the political hole Adams has dug for himself, the Liberty delivering New York’s first basketball championship since 1976 (and Brooklyn’s first sports championship since 1955), and more. Listen here.

Reporter’s Notebook

No Forma

Mayor Eric Adams has discontinued the controversial form required for lawmakers to meet with members of his team.

The two-page “elected officials engagement form,” introduced last spring, was required of any lawmaker looking to meet with commissioners, executive directors, senior level staff and others.

The initiative was immediately panned by elected officials who said it would backlog the government. Councilmember Lincoln Restler (D-Brooklyn) introduced a bill last month to ban the form. Fighting that bill would have been costly, an Adams spokesperson, Fabien Levy, said in a statement. They eliminated the requirement “in the spirit of collaboration and partnership.”

In an email sent to Council members and obtained by THE CITY, Tiffany Raspberry, the head of intergovernmental affairs, said the process “helped streamline operational processes and deliver equitable access for all elected officials,” but they still ended the process to create “the best and most efficient outcomes for New Yorkers.”

— Katie Honan

Things To Do

Here’s what’s going on around the city this week.

Thursday, Oct. 24: Celebrate the New York Liberty’s WNBA win! The city is holding a ticker-tape parade for the champions starting at 10 a.m. in the Canyon of Heroes in Manhattan. Details here. Saturday, Oct. 26: A Halloween Harvest Festival with family-friendly workshops, a community resource fair and a dog costume contest. Free from 12 to 4 p.m. at Socrates Sculpture Park in Queens. Saturday, Oct. 26: Celebrate “City of Forest Day” with an outdoor sound bath inspired by New York’s urban forests. Free from 4 to 5 p.m. at the Little Red Lighthouse in Manhattan.

THE KICKER: The exonerated Central Park Five — including New York City Councilmember Yusef Salaam — have sued former President Donald Trump for defamation over comments Trump made during the presidential debate in September.

Thanks, as always, for reading. Make it a great Tuesday.

Love,

THE CITY

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