There’s no equity in equity without reparations, according to the NYC Comptroller’s new report on the state’s racial wealth gap, released last Wednesday, Dec. 6. The findings point to homeownership, along with retirement funds, investment assets, and student debt, as factors exacerbating the wealth gap created by historical injustices—63% of white New Yorkers own their primary residence compared to just 24% of Black New Yorkers.
“If you’re not already a homeowner, the prices have skyrocketed and you can’t possibly afford to become one,” said NYC Comptroller Brad Lander. “You’re stuck continuing to rent, you’re not building up any equity in your home, and things get worse across generations. Where your connection to reparations is…the legacy of slavery and systemic racism and Jim Crow has historically made it much more difficult for people to buy a home [or] to have any money to invest.”
He added that white homeowners, himself included, have seen property values steadily rise, increasing their net worth and creating generational wealth that is then used to further invest and send their children to college without incurring mounting student debt.
Ultimately, those factors create a frightening disparity: The median white New York State household boasted a net worth of $276,900 in 2021, while the median Black household only owned $18,870, according to data from the Survey of Income and Program Participation.
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The report argues that reparations would both close the gap and benefit both white and Black New Yorkers. Lander connected financial security to lower crime rates and more homeownership to economic growth, which he sees as attainable through financial disbursement to those affected by systemic racism.
“On the one hand, reparations are the opportunity [to address] injustice, but they’re also an opportunity to unlock this solidarity dividend and wind up with a safer and more thriving city, state, and country for everybody,” he adds.
Lander’s report came at the behest of State Senator James Sanders Jr., sponsor of a reparations bill establishing a task force to review potential compensation to address the historical wrongs of slavery that passed this year and awaits Gov. Kathy Hochul’s signature. She has until December 31 to sign it into law.
This past Monday, Dec. 11, Sanders gathered the bill’s stakeholders at the NYCLU’s Financial District offices to discuss next steps, given the looming deadline and potential for a “pocket veto” if the governor does not address the measure by the new year. Attendees included Lander, Public Advocate Jumaane Williams, and Long Island Assemblywoman Michaelle C. Solages, who sponsors the State Assembly’s corresponding version of the bill.
The measures A7691/S1163A would address “the fundamental injustice, cruelty, brutality, and inhumanity of slavery in the City of New York and the State of New York” through a reparations commission similar to the one California established in 2020. Such a task force would examine the state’s historical role in profiting from chattel slavery and what measures it could take to “reverse such injuries.”
During the symposium, Sanders hoped “Santa” Hochul would bring the gift of a first step toward statewide reparations and reminded her that Black New Yorkers made up the most steady voter base for a Democratic governor.
“We want to be able to brag about this governor…we look forward to telling people that they have a reason to vote, and this certainly gives them a reason to vote,” said Sanders. “Sometimes they vote with their feet, sometimes their feet lead them to a voting booth, sometimes [they don’t].”
Solages advised applying pressure for Hochul to sign the bill, asking proponents to call her office. She added that the commission’s creation would only be the first step.
“I truly believe we can get the whole piece of the pie,” she said. “We don’t need to dilute the vision.”
Divine Pryor, a spokesperson for Hazel Dukes, said the NAACP New York State gad reservations about how the proposed committee would handle upstate Black New Yorkers and dissenting Black voices opposing reparations.
Williams called reparations a no-brainer, pointing to the history of nearby Wall Street, where a slave market was once held, as evidence of the state’s quiet complicity. He also dismissed the current debate about who should receive reparations as a distraction intended to shut down the conversation.
“There’s always something you need to deal with,” said Williams. “The ancestors dealt with more.”
Tandy Lau is a Report for America corps member who writes about public safety for the Amsterdam News. Your donation to match our RFA grant helps keep him writing stories like this one; please consider making a tax-deductible gift of any amount today by visiting https://bit.ly/amnews1.