For decades, people of color were systematically excluded from buying homes, contributing to an ongoing racial wealth gap. One group that historically played a large role in racist housing practices is the National Association of Realtors (NAR), the real estate industry’s trade group. Today, it is one of the largest and most powerful trade associations in the United States.
Adjacent issue: In Marin City, CA, a Black couple had their home, which they paid ~$500 K and remodeled for an additional $400 K, appraised at ~$1 mm in Feb 2020 after the home appraised for $1.5 in March 2019.
They "erased themselves" from the house and had a White friend "act" as the homeowner a few weeks later. Surprise! The new appraisal came in ~$1.5 mm.
A 2018 Brooking Institute study found comparable homes in White neighborhoods appraised 23% higher on average to Black neighborhoods. Considering 30% of the USA has no wealth outside of home equity (source: Deutsche Bank), this is a huge impact on Black wealth and the ability to create wealth.
As is often the case, the "behind-the-scenes" money tells the true story. Great reporting, Judd and PopInfo team.
Can’t, sorry, quite get my panties in a twist about the NAR’s belated apology, imputed hypocrisy etc - at least not as long as NAB (national association of bankers, those who actively denied financing in black/low income “redlined”neighborhoods) gets a pass.
But here’s what incenses me in this column:
“Rep. Glenn Grothman (R-WI) introduced another bill in June that would “promote dignity and nondiscrimination” in Washington, D.C. public schools by banning CRT from being taught.”
Why in G-d ’s name must DC schoolchildren be subject to the (sick) educational theories of a WI Republican congressman?
Bad enough that parents of children in LaCrosse (or, wherever, I don’t know what district GG represents) vote for such a loony tune, who would like to “protect” their DC peers from any sort of intellectual activity not starting with “f” and ending with “ootball”…but really, is it in any way sensible that our US Congress serves as an overpaid, mismatched school council for the District?
You wrote: "the NAR and its state affiliates are donating hundreds of thousands of dollars to lawmakers pushing legislation that would make it difficult for students to learn about the systemic racism that is embedded in the United States housing market."
You know who doesn't need to learn about the systemic racism embedded in the US housing market?
Your privilege and lack of awareness of life outside of your bubble never ceases to amaze me.
No wonder the savage GOP continues to win.
Do you want to know how to FIGHT housing discrimination NOW?
Do you care?
Here is what you princes & princesses could do:
Change zoning laws that make it harder to create multiple family & low income housing in YOUR neighborhood.
Do you know the zoning laws in your neighborhood?
How many poor people live in your building or your neighborhood?
Do you know the history of local zoning laws?
They were created to exclude Black people from integrating white neighborhoods.
Those same laws are used to day to exclude POOR people of all races from integrating upper middle class neighborhoods.
Teach THAT in your fancy fucking schools.
You could also teach students about the insanely regressive Mortgage Interest Rate Tax Deduction, which subsidizes homeowners like you and/or your parents.
You could also teach students about the outrageous capital gains tax exemption on profits from the sale of a home. This drives up housing costs and also prevents low income people - who are disproportionately Black and hispanic - from ever being able to buy a home.
You could teach students about the 529 tax exemption for college savings plans that unfairly advantage the upper middle class; you could teach kids to fight for the elimination of that exemption to fund tax credits that would benefit the working poor.
While your at it, you could teach students that UPAID INTERNSHIPS unfairly disadvantage poor kids, who can't afford to work for free.
You could also teach kids that LEGACY ADMISSIONS were first created to keep Black and Jewish people out of Ivy League schools, and that these legacy admissions need to abolished asap.
The hypocrisy of economically privileged "progressives" (hah!) never ceases to amaze me.
Poor Black people are WELL AWARE of the history of racist housing policies.
What would truly help poor Black people - and poor people of EVERY race - would be for hypocritical "progressives" to fight discriminatory housing policies that exist NOW.
But then you might have to take a hit on your property values, and we can't have that, can we.
Thank you for shining some light on this issue. Believe me there's more to find. For example, "lower income housing" often requires an income higher than most truly poor people can show. The builders of these new multi income apts profit.....