Fair Housing
Blockbusting in New York refers to the illegal practice of:
ARefusing to show properties in certain neighborhoods
BInducing homeowners to sell by suggesting that people of a protected class are moving into the neighborhood, thereby depressing property values✓ Correct
CRequiring large blocks of properties to be sold together
DBlocking the sale of properties to investors
Explanation
Blockbusting (also called panic selling) is the illegal practice of inducing homeowners to sell their properties by making representations (explicit or implied) that people of a protected class are moving into the area and will cause property values to decline. It is prohibited by federal and New York fair housing laws.
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Key Terms to Know
Blockbusting
An illegal practice of inducing homeowners to sell by claiming that the entry of minority groups will lower property values.
Fair Housing ActFederal law prohibiting discrimination in the sale, rental, or financing of housing based on race, color, national origin, religion, sex, disability, and familial status.
SteeringAn illegal practice where a real estate agent directs buyers toward or away from certain neighborhoods based on the buyer's race, religion, national origin, or other protected characteristics.
RedliningAn illegal practice where lenders or insurers deny services or charge higher rates in certain neighborhoods based on the racial or ethnic composition of those areas.
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