New York to consider paying reparations for 'past and continuing harms' of slavery

New York's Commission on Racial Equity would then suggest remedies to the legacy of slavery - including some reparations.

However, Mayor of the city, Eric Adams still needs to sign the proposals for it to become law.

Despite the city abolishing slavery in 1827, it is believed that some businesses benefited financially from the slave trade up until as late as 1866.

One requirement of the new legislation would be a sign erected on Wall Street in Manhattan to mark New York’s first slave market.

Farah Louis, a Democratic council member who sponsored one of the bills, told the city council: "The reparations movement is often misunderstood as merely a call for compensation."

She added that people are still affected by systemic forms of oppression, including the underfunding of services in predominantly black neighbourhoods.

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"Does that mean we are going to hand everyone a check? No," Louis told The New York Times.

"But starting the conversation is the most important part."

Republican minority leader of the city council, Joseph Borelli has slammed the plans.

"I bear no responsibility for slavery," he said.

"Unless someone could explain to me why I should bear some individual and societal guilt through my taxes, I’m going to be opposed."

The Commission on Racial Equity would work with an existing state commission that is already considering the possibility of reparations for slavery.

The report is estimated to cost $2.5 million (£1.9 million).