NYC NOW - December 7, 2023: Morning Headlines

Episode Date: December 7, 2023

Get up and get informed! Here’s all the local news you need to start your day: A new analysis reveals mortgage loan disparities by big banks that are holding billions in New York City's cash. Meanwhile, the MTA's congestion pricing plan is moving forward. Also, the New York Racing Association's president says Belmont Park is undergoing a $455 million dollar renovation and construction could last more than a year.

Welcome to NYC Now, your source for local news in and around New York City from WNYC. It's Thursday, December 7th. Here's the morning headlines from Michael Hill. A new analysis reveals mortgage loan disparities by big banks that are holding billions in New York City's cash. WNMC's David Brand reports on calls for the city to flex its economic muscles to force change. The Policy Group New Economy Project looked at mortgage loan data for four of the biggest banks holding municipal money, Bank of America, City, J.P. Morgan Chase, and Wells Fargo. They found the banks are lending just a quarter to homebuyers and communities of color. For every dollar, they lend in mostly white neighborhoods.

Federal housing and urban development, Secretary Marsha Fudge says the city should be withholding cash to encourage fair lending. The city of New York has a whole lot of money in some banks. We need to leverage those kinds of relationships. The city says it requires banks to show how they address racial discrimination before approving deposits. J.P. Morgan Chase says it is committed to closing the racial wealth gap. The other banks did not comment. The MTA's congestion pricing plan is moving forward. The MTA board approved the plan yesterday to toll drivers who enter Manhattan below 60th Street. The program includes a $15 base fare for vehicles, but also a 75% discount overnight and discounts for low-income drivers who make at least 10 trips a month.

MTA chair, Jano Lieber, spoke after the vote. We have a plan that achieves our big goals, which is keep the toll low, have a meaningful package of discounts and exemptions for the most vulnerable people who will be impacted by this. The MTA must raise a billion dollars a year through congestion pricing, all the revenue must go to improvements to mass transit. The MTA hopes to begin tolling drivers, it says, next spring. The Belmont Stakes is heading north with construction underway on a new Belmont Park. The third leg of horses racing's famed Triple Crown will take place three hours north of the city in Saratoga next year,

and maybe the year after that. The New York Racing Association's president says Belmont Park is undergoing a 455,000, million-dollar renovation and construction could last more than a year. The Belmont Stakes takes place on June 8th. 32 and mostly clear, chance with some showers and flurries today. Thanks for listening. This is NYC Now from WNYC. Be sure to catch us every weekday, three times a day, for your top news headlines and occasional deep dives, and subscribe wherever you get your podcasts. See you this afternoon.