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AI reveals vast racial inequities in NYC homeownership

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An AI analysis of New York City housing data has revealed stark racial disparities in homeownership, home loans, and foreclosures in the Big Apple.

The research by analytics giant SAS and the non-profit Center for NYC Neighborhoods (CNYCN) showed that areas with a higher proportion of Black and Hispanic homeowners have lower home values — even when the age and square footage of their properties are the same.

The team also found that the cost of getting home purchase loans is higher for Black and Hispanic borrowers than other racial groups.

The CNYCN will use the insights to design programs that can increase Black homeownership and advocate for policies that help to close the racial wealth gap.

[Read: How to build a search engine for criminal data]

Credit: SAS