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http://nyti.ms/1KPNpK4
EDITORIAL
http://www.nytimes.com/2015/09/15/opinion/how-segregation-destroys-black-wealth.html?emc=edit_ty_20150915&nl=opinion&nlid=69505763
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Pittsburgh, San Antonio and the District of Columbia, suggests that housing
market discrimination is universal.
Despite being better qualified financially, black and Latino testers were
shown fewer homes than their white peers, were often denied information
about special incentives that would have made the purchase easier, and
were required to produce loan pre-approval letters and other documents
when whites were not.
Moreover, real estate agents enforced residential and school
segregation by steering home buyers into neighborhoods based on race.
Whites were encouraged to live where the schools were mainly white;
African-Americans where schools were disproportionately black; and
Latinos where schools were disproportionately Latino.
This behavior is reminiscent of the practices used by the real estate
industry in the early 20th century that created ghettos for blacks regardless
of income. As the black population grew in Northern cities, realty agents
developed a variety of tools for isolating black families, including contracts
that barred owners from renting or selling to outsiders always a code
for African-Americans.
The Federal Housing Administration, created during the New Deal to
promote homeownership, openly supported these racist measures; it
forbade lending to black people even as it subsidized white families that
moved from the cities to the suburbs. Cut off from fairly priced home loan
credit, black neighborhoods deteriorated and their values plummeted.
Many discriminatory practices were formally ended with the civil
rights and fair lending laws of the 1960s and 70s. But these were quickly
replaced by subtler techniques that encouraged ghettoization, like
channeling black families away from white areas and banks and mortgage
brokers systematically pushing middle-income black families into highcost, high-risk loans when they could have qualified for more affordable
loans.
http://www.nytimes.com/2015/09/15/opinion/how-segregation-destroys-black-wealth.html?emc=edit_ty_20150915&nl=opinion&nlid=69505763
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2015TheNewYorkTimesCompany
http://www.nytimes.com/2015/09/15/opinion/how-segregation-destroys-black-wealth.html?emc=edit_ty_20150915&nl=opinion&nlid=69505763
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