Cash Homebuyers Threaten Covid Recovery and Deepen Racial Wealth Gap

Gotham Gazette, July 7, 2020–Leo Goldbert
In a recently released analysis, “The Outsized Power of Cash Buyers in New York City’s Housing Market,” the Center for NYC Neighborhoods found that over 40% of small home, co-op, and condo sales in the Big Apple have been to cash buyers over the past ten years, even though 80% of homebuyers take out a mortgage nationally. Investors are targeting the modestly priced co-ops and single-family homes in neighborhoods where working class families have traditionally been able to buy.