The Real Estate Board of New York to The City Council Committees on Finance and Housing & Buildings regarding Homeownership

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The Real Estate Board of New York (REBNY) is the City’s leading real estate trade association representing commercial, residential, and institutional property owners, builders, managers, investors, brokers, salespeople, and other organizations and individuals active in New York City real estate. REBNY appreciates the opportunity to provide testimony at today’s oversight hearing on advancing homeownership opportunity and protection.

New York City has one of the lowest homeownership rates in the country. According to a study published by the Regional Plan Association (RPA), only 33% of New Yorkers own a home or apartment, the lowest rate among U.S. cities with populations over 500,000 and about half the national homeownership rate of 65%. New York State’s homeownership rate is also the lowest of all 50 states at 54%.

Homeownership creates opportunities for New Yorkers to build wealth, achieve housing stability, and establish long-term roots in their communities. Expanding access to homeownership must be a key part of the City’s broader housing strategy. This includes better use of existing programs, improved outreach to eligible households, and ensuring that residents who receive federal housing assistance have meaningful opportunities to use that assistance toward homeownership.

One opportunity to expand homeownership is through the federal Housing Choice Voucher program, commonly known as Section 8, which can help eligible households cover mortgage payments and other qualifying home expenses. The program is used to support homeownership in communities across the country, demonstrating its potential to help eligible renters become homeowners. However, this option remains underutilized in New York City, warranting greater efforts to ensure voucher holders understand and can access this pathway to homeownership. REBNY supports Intro 0861-2026 (Brooks-Powers), which would establish an education and outreach campaign for the Housing Choice Voucher program. These efforts should extend beyond HPD to include NYCHA, ensuring that eligible households receive information regardless of the administering agency. Outreach should clearly explain eligibility requirements and application procedures.

REBNY also supports Intro 1082-2026 (Hankerson), which would require annual reporting on participation in the Housing Choice Voucher Homeownership program. Reporting will help the City identify barriers to participation and determine where additional outreach or administrative improvements are needed. However, these efforts will be effective only if agencies have the dedicated staff and resources needed to assist applicants and coordinate program administration.

Finally, the City should strengthen coordination between voucher administrators, homebuyer assistance programs, and participating lenders. In particular, the City should encourage lenders participating in its HomeFirst Down Payment Assistance program to work with borrowers who receive Section 8 assistance and are interested in purchasing a home. By pairing effective outreach with adequate administrative resources and access to knowledgeable lending partners, the City can help more eligible households pursue homeownership and build long-term financial stability.

Thank you for your consideration of these points.

CONTACT:
Kate Goldmann
Senior Housing and Planning Analyst
Real Estate Board of New York
kgoldmann@rebny.com