When Time of Jubilee began there was concern that land speculators would flood the inner-city buying up parcels of land gentrifying the area. Land Trust was a concept that would create a disincentive for those buying homes in the area and then flipping them (at a higher cost) to unsuspecting urban homeowners.
There was opposition to the Land Trust idea initially but those promoting Time of Jubilee convinced people that it was the best way to develop parcels in a city where there was a possibility for speculators to arrive and run up home prices. The speculators never came and now years later some are questioning the Land Trust concept.
It’s time to give the homeowner’s their land. It’s been two decades since a group of ministers put Time of Jubilee together. It’s time to admit that the Land Trust concept which initially stabilized neighborhoods may not be the best course of action for housing development in Syracuse.
If you live in Dewitt or any other part of Syracuse you can easily use the equity in your home to send a child to college, finance home improvements or other needs you may have. Unfortunately if you live in a Time of Jubilee home you do not have the use of equity built in your home. Banks have a hard time understanding the concept and it has become a more public concern since Jubilee Homeowners began speaking out regarding their STAR Tax Rebate boondoggle.
I’ve been told that the Board of Directors of Jubilee Homes will soon meet to consider several options. The best option the Board can select for those who’ve invested in the “Time of Jubilee” concept is complete ownership of the land on which your house has stood since construction. Anything short of that is simple shaking your tambourine in the dark.