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DTSTART;TZID=America/New_York:20191023T180000
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UID:24304-1571853600-1571853600@humanities.princeton.edu
SUMMARY:Race for Profit: How Banks and the Real Estate Industry Undermined Black Homeownership
DESCRIPTION:Two eminent African American Studies Scholars discuss how exploitative real estate practices continued well after housing discrimination was banned. \nBy the late 1960s and early 1970s\, reeling from a wave of urban uprisings\, politicians finally worked to end the practice of redlining. Reasoning that the turbulence could be calmed by turning Black city-dwellers into homeowners\, they passed the Housing and Urban Development Act of 1968\, and set about establishing policies to induce mortgage lenders and the real estate industry to treat Black homebuyers equally. The disaster that ensued revealed that racist exclusion had not been eradicated\, but rather transmuted into a new phenomenon of predatory inclusion. \nThe same racist structures and individuals remained intact after redlining’s end\, and close relationships between regulators and the industry created incentives to ignore improprieties. Meanwhile\, new policies meant to encourage low-income homeownership created new methods to exploit Black homeowners. As a result\, by the end of the 1970s\, the nation’s first programs to encourage Black homeownership ended with tens of thousands of foreclosures in Black communities across the country. The push to uplift Black homeownership had descended into a goldmine for realtors and mortgage lenders\, and a ready-made cudgel for the champions of deregulation to wield against government intervention of any kind.
URL:https://humanities.princeton.edu/event/race-for-profit-how-banks-and-the-real-estate-industry-undermined-black-homeownership/
LOCATION:Labyrinth Books\, 122 Nassau Street\, Princeton\, NJ\, 08542\, United States
ATTACH;FMTTYPE=image/jpeg:https://humanities.princeton.edu/wp-content/uploads/2019/10/crop.jpg
ORGANIZER;CN="Dorothea von Moltke":MAILTO:dorothea@labyrinthbooks.com
GEO:40.3502494;-74.6588981
X-APPLE-STRUCTURED-LOCATION;VALUE=URI;X-ADDRESS=Labyrinth Books 122 Nassau Street Princeton NJ 08542 United States;X-APPLE-RADIUS=500;X-TITLE=122 Nassau Street:geo:-74.6588981,40.3502494
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