In a shocking turn of events, NYC Public Advocate Jumaane Williams has lost his Brooklyn home to Bank of America after accumulating nearly $1 million in mortgage debt over 15 years. This financial debacle has raised eyebrows, especially for someone in a public office dedicated to advocacy.
Williams originally took out a $389,600 mortgage on his two-family home in Canarsie in 2006, intending to finance a vegan sandwich shop in Park Slope. However, after ceasing his monthly payments of $1,344 in 2010, the situation spiraled out of control. A state judge sided with the bank in January, issuing a final judgment of foreclosure against the property located at 1392 E. 98th St.
Court records reveal that after years of non-payment, Williams’ mortgage debt ballooned to an astounding $784,927.13 by May 2023, with penalties and interest piling up. Despite his annual salary of $184,800 as Public Advocate and additional income from renting out the property, Williams found himself unable to meet his financial obligations.
His home, which he purchased for $370,500 in 2005, was put up for auction but failed to attract any bidders willing to cover the mounting debt, which had escalated to $944,582 by the time of the auction.
Critics have been quick to pounce on Williams’ inability to manage his finances, with Councilman Robert Holden stating, “Jumaane Williams has been paid a six-figure taxpayer-funded salary for years, yet he still couldn’t pay his bills or keep his home.” This situation has sparked serious questions about his capability to effectively advocate for the public when he struggles to handle his own affairs.
Williams has attributed his financial troubles to the unfavorable terms of the loan and unpaid rent from tenants. However, this narrative seems contradictory given his role as a tenant rights advocate, where he has publicly condemned landlords for similar issues.
The fallout from this incident paints a troubling picture of hypocrisy as Williams, who has consistently highlighted the plight of renters and the failures of landlords, now finds himself in a precarious financial situation. His property has even faced fines from the Department of Sanitation for upkeep issues, adding to the perception that he has failed to manage his own investments responsibly.
As Williams navigates this financial crisis, he resides with his lobbyist wife and stepdaughter at a military base in Bay Ridge, far from the Canarsie property now under Bank of America’s control. His spokesperson has attempted to deflect criticism by emphasizing the broader issues of predatory banking practices impacting New Yorkers, but the scrutiny over his personal financial management continues to mount.
This saga not only raises questions about Williams’ future as a public advocate but also reflects on the broader challenges facing many New Yorkers amid the ongoing housing crisis.
