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jerryking : fair_housing_act   3

Opinion | The Jim Crow South? No, Long Island Today
Nov. 21, 2019 | The New York Times |

White Americans have long found comfort believing that racial discrimination is a thing of the past.

Black Americans feel they know better, and a three-year investigation of Long Island real estate agents by the local newspaper Newsday provides the latest depressing evidence that they are right.

More than half a century after the great civil rights battles to end discrimination, the newspaper found that black home buyers are being steered to black neighborhoods and more closely scrutinized by brokers.

Newsday sent white investigators posing as buyers to meet with 93 real estate agents about 5,763 listings across Long Island. Then, they sent a second buyer — either black, Hispanic or Asian — to meet with the same agents. The practice is a gold-standard methodology known as “paired testing,” in which real estate agents are contacted by pairs of prospective clients with similar financial profiles.

Black testers were treated differently than white ones 49 percent of the time. Hispanic buyers encountered unequal treatment 39 percent of the time and Asian buyers 19 percent of the time.

Along with steering minority testers to majority-minority areas, and white testers to mostly white areas, some agents required black buyers to meet additional financial conditions that they didn’t demand of white buyers with the same profile.
African-Americans  editorials  Jim_Crow  housing  New_York  racism  racial_disparities  Fair_Housing_Act  Long_Island  pairs  racial_discrimination  real_estate  redlining  segregation 
november 2019 by jerryking
How Segregation Destroys Black Wealth
SEPT. 15, 2015 | NYT | By THE EDITORIAL BOARD.

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 high-cost, high-risk loans when they could have qualified for more affordable loans....This history of discrimination has taken an enormous toll on black wealth, as is shown in research by Douglas Massey and Jonathan Tannen at Princeton University’s Office of Population Research. In 1970, two years after the passage of the Fair Housing Act, for example, the average well-off black American lived in a neighborhood where potential home wealth, as measured by property values, stood at about only $50,000 — as opposed to $105,000 for affluent whites and $56,000 for poor whites.

By 2010, affluent African-Americans had passed poor whites in potential home wealth but had fallen further behind affluent whites. There is more than money at stake, Mr. Massey and Mr. Tannen write, because home values “translate directly into access to higher quality education given that public schools in the United States are financed by real estate taxes.”

Throughout history, ethnic groups have been able to translate economic gains into housing in better neighborhoods and advantages for their children. But for African-Americans, the researchers write, that transition has been “thwarted by segregation and the prejudice and discrimination that create and maintain it.” In other words, the damage reaches across generations and continues today
African-Americans  discrimination  education  Fair_Housing_Act  generational_wealth  home_ownership  housing  intergenerational  New_Deal  prejudices  public_education  public_schools  racial_disparities  racism  real_estate_taxes  redlining  segregation  wealth_creation  wealth_management 
september 2015 by jerryking
How Dr. King Shaped My Work in Economics - NYTimes.com
August 27, 2013| NYT | By JOSEPH E. STIGLITZ.

The battle against outright discrimination is, regrettably far from over: 50 years after the march, and 45 years after the passage of the Fair Housing Act, major United States banks, like Wells Fargo, still discriminate on the basis of race, targeting the most vulnerable of our citizens for their predatory lending activities. Discrimination in the job market is pervasive and deep. Research suggests that applicants with African-American sounding names get fewer calls for interviews. Discrimination takes new forms; racial profiling remains rampant in many American cities, including through the stop-and-frisk policies that became standard practice in New York. Our incarceration rate is the world’s highest, although there are signs, finally, that fiscally strapped states are starting to see the folly, if not the inhumanity, of wasting so much human capital through mass incarceration. Almost 40 percent of prisoners are black. This tragedy has been documented powerfully by Michelle Alexander and other legal scholars.
African-Americans  books  economics  economists  fallacies_follies  Fair_Housing_Act  human_capital  incarceration  Joseph_Stiglitz  mass_incarceration  MLK  predatory_practices  racial_discrimination  racial_disparities  social_justice 
august 2013 by jerryking

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