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The Brian Lehrer Show

Speculators Target Homes in Black and Latino Neighborhoods

The Brian Lehrer Show

WNYC

Bryan, Daily News, Media, New, Nyc, Public, York, News, Lerer, Politics, Wnyc, Npr, Arts, News Commentary, Radio

4.6 β€’ 1.5K Ratings

πŸ—“οΈ 2 August 2023

⏱️ 21 minutes

🧾️ Download transcript

Summary

An investigation from the nonprofit news organization The City sheds light on groups of real estate speculators who have seized the deeds of Black- and Latino-owned brownstones in gentrifying neighborhoods, evicting tenants and clearing the path for massive house flips. Two journalists at The City, senior reporters George Joseph and Samantha Maldonado, discuss their reporting and what lawmakers could do to curb this predatory activity.

β†’ A House Divided: How a Band of Speculators Seized Deeds of Black-Owned Brooklyn Brownstones

β†’ The Speculator Bros Ripping Off Heirs and Evicting Tenants Across NYC

β†’ 3 Speculators, 119 Homes, 57 LLCs

β†’ Little Oversight, Deals Signed in the Dark: How Speculators Cash In When NYC Homeowners Die Without Wills

Transcript

Click on a timestamp to play from that location

0:00.0

Brian there on WNYC, we're going to come back to the Trump indictment again a little

0:12.6

later in the show, but it's not the only thing going on in the world.

0:16.4

And listen to this, we're going to hear about an investigation that shines a light on

0:20.6

a housing speculation scheme that has exploited homeowners in New York City, often black or

0:26.2

Latino, in neighborhoods where housing values have skyrocketed in recent years.

0:32.0

The investigation comes from the nonprofit news organization, The City.

0:36.1

The reporting from Samantha Meldenotto and George Joseph details how these real estate speculators

0:42.4

acquire fractional shares of brownstones and use those to coerce longtime homeowners

0:49.0

out of money or even to evict longtime tenants take possession of the home and flip the

0:55.3

property for big profits.

0:57.5

What a scheme New Yorkers are being defrauded by this, Samantha and George's reporting also

1:02.8

finds that lawmakers, courts and city agencies have done little to safeguard the estates

1:07.9

of homeowners who die without wills, which opens the door to the type of exploitation

1:13.6

their investigation details.

1:15.6

So Samantha Meldenotto and George Joseph joined me now, Samantha George, hi, thank you for

1:20.4

your reporting and welcome back to WNYC.

1:22.4

Hi, thanks so much for having us.

1:24.2

Good morning, Brian.

1:25.6

So the first story in this investigative series, the headline, a house divided how a band

1:31.9

of speculators seized deeds of black-owned Brooklyn brownstones, begins with an account

1:38.8

of Debra Thomas and her husband, Aston Smith, in rapidly gentrifying bedstuy.

1:45.4

George, do you want to begin there?

...

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