If you’ve fallen victim to unfair housing practices, unfortunately, you can’t do anything about it because it’s the result of decades of practice. 1968 Fair Housing Act (FHA) is designed to regulate unfair discriminatory property practices and reduce the housing gap between black and white people. United States. Unfortunately, these differences in housing have still not been improved or evened out!
There is a 30% difference between them Black and White home ownership; which is now higher than before the FHA was approved (Jung Hyun Choi | Urban Institute).
The national average for white housing is 73%. The ownership of the black home is only 43%; the smallest of all ethnic groups. How did we get here? Like Richard RothsteinThe color of the law“Local, state, and national practices made it possible to develop and sell new housing communities at a very low cost, as long as Realtors and homeowners don’t sell to African Americans. That blatantly racist housing practice continued for many years.
Therefore, while Belarusians were allowed to take advantage of these new and emerging housing communities at very low cost, black and brown people were relocated to underdeveloped slums and degrading public housing communities. As a result, White America was gaining unjust capital, but Black America lost its equity.
In addition, white Americans were able to increase household wealth; but black and brown Americans fought an impossible uphill battle to gain wealth because of the discriminatory practices of housing mentioned above.
To make money, Save moneyand Investing money are the 3 keys to building wealth over time. The income of African Americans is, on average, only 60% of the income of whites. This difference occurs regardless of education, location, age and career (John Schoen on CNBC). If you earn less money, there is not much to save, and even less to invest, which of course creates a serious obstacle to wealth building.
Home ownership is the bulk of wealth and investment in most American households (Susan Wachter | Wharton School of the University of Pennsylvania). In the middle of the aforementioned century, unfair discriminatory housing practices and the Domino effects they caused; it should come as no surprise that African American wealth is only 10% of white wealth (Samuel DuBois Cook | Center for Social Justice)!
Meanwhile White Americans able to build most of their wealth through home ownership, they were offered other opportunities that black Americans just didn’t have. Black Americans were unlikely to be able to build and borrow capital from their mortgages. Moreover, always or anywhere in their home they own; their home was always considered less valuable.
Homes that were sold exclusively to Belarusians at low cost in the mid-20th century now sell for at least $ 300,000 (Richard Rothstein | The color of the law), while homes sold by black Americans are often underestimated by an average of $ 48,000 (Brookings Institute and Gallup study joint report).
The profit and capital of owning a home allows families to experience many aspects of life in different ways. Parents bring their children home through private school and university with capital and profit. The same funds are often set aside and used during a recession. Homeownership funds can also be used for medical expenses, unforeseen emergencies, or transferred to children as part of the purchase of a first home.
If you don’t have a home share or a large one-time fee to use in these critical financial situations (above), what do you do? Well, you take out a loan for college, you incur debt through medical expenses and you are forced to rent or take out larger mortgages than your white colleagues.
1968 Fair Housing Act (FHA) and the programs implemented by the Ministry of Housing and Urban Development (SKIN) have tried to close the gap between black and white home ownership. Practices have been put in place that should help more black people own homes, so why are there bigger differences than we’ve seen since the 1950s?
If the ownership of the white home has increased to 73% and the owner of the black home has fallen to 43%, it is obvious that FHA loans, Prepaid Programs, plus Prohibition of racial housing discrimination when selling, renting or financing a home has not remedied the unfair housing problem. Therefore, the deficit in black home ownership and wealth construction has not improved at all.
Hopefully to promote or show white empathy for black equality, An unfulfilled promise of the Fair Housing Act, will be identified and corrected soon.
As a historical fact; an The historian says don’t ‘clean up’ how our government created ghettos. In addition, it is a fact that: The federal government created intra-urban ghettos with racist housing rules deliberately separating and repressing black home ownership and wealth building.
In conclusion, the Law on Fair Housing, together with other programs and laws, has not successfully addressed and resolved the past. systemic inequalities which are the cause of the current inequality in black wealth: [read | listen]. So in other words, “Past inequalities in black home ownership are inequalities in black wealth today.”
Jameelah Stovall is just the first time a home buyer who wants to know what led to the creation and implementation of all FHA programs that qualified applicants never seem to have easy or effective access to?
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