Housing is so expensive, even an $87 billion Wall Street bank is giving workers $6.5K in cash to get on the property ladder

American workers are up against a housing crisis so dire that many have written off their dream of homeownership altogether. Now, one Wall Street employer is stepping in to help their wish come true with thousand-dollar payouts.

The oldest bank in the U.S., $87 billion financial services firm Bank of New York (BNY), has just launched a new homeowner program for its U.S. employees earning under six figures. Now, staffers who earn $100,000 or less each year may qualify for $6,500 to be used towards a down payment when buying their first home.

The Wall Street bank said in a press release that the $6,500 benefit works to “address affordability pressures” and assist its American staffers in navigating the daunting journey of homeownership. By giving its staffers in the lowest tax brackets a boost in the homebuying process, BNY is targeting one of the biggest affordability crises straining its workforce. 

“Homeownership is a pathway to financial security and economic prosperity, and we’re committed to helping our people reach it,” Robin Vince, CEO of BNY, said in the program’s press release, adding that these benefits help “build a more resilient economy.”

All U.S. employees will also have access to homeowner education, including digital modules and live seminars that teach budgeting, credit readiness, mortgage options, closing costs, and long-term planning. Plus, all of its American workers will receive special mortgage........

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