The city’s yearly tax lien sale, scheduled for Dec. 17, allows private corporations to purchase homeowners’ unpaid property tax and water bill debts for about 75 cents on the dollar.…
It’s been the city’s practice for two decades to sell property-tax debts to a private trust, generating revenue for the city and for investors—but, advocates say, hurting low-income homeowners.
Thanks to city policy, $3,200 in tax arrears became a $500,000 debt and a community garden was ravaged. A sale of similar tax liens is scheduled for this week.
