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Race for Profit: How Banks and the Real Estate Industry Undermined Black Homeownership, Keeanga-Yamahtta Taylor


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Автор: Keeanga-Yamahtta Taylor
Название:  Race for Profit: How Banks and the Real Estate Industry Undermined Black Homeownership
ISBN: 9781469663883
Издательство: Mare Nostrum (Eurospan)
Классификация:





ISBN-10: 1469663880
Обложка/Формат: Paperback
Страницы: 368
Вес: 0.45 кг.
Дата издания: 30.04.2021
Серия: Justice, power and politics
Язык: English
Иллюстрации: 6 halftones
Размер: 23.55 x 16.61 x 2.49 cm
Ключевые слова: Economic history,Ethnic studies,History of the Americas,Population & demography,Property & real estate, HISTORY / United States / 20th Century,SOCIAL SCIENCE / Sociology / Urban
Подзаголовок: How banks and the real estate industry undermined black homeownership
Рейтинг:
Поставляется из: Англии
Описание: LONGLISTED FOR THE 2019 NATIONAL BOOK AWARD

By 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.
 
Race for Profit uncovers how exploitative real estate practices continued well after housing discrimination was banned. The same racist structures and individuals remained intact after redlinings 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. The federal government guaranteed urban mortgages in an attempt to overcome resistance to lending to Black buyers - as if unprofitability, rather than racism, was the cause of housing segregation. Bankers, investors, and real estate agents took advantage of the perverse incentives, targeting the Black women most likely to fail to keep up their home payments and slip into foreclosure, multiplying their profits. As a result, by the end of the 1970s, the nations 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.
 
Narrating the story of a sea-change in housing policy and its dire impact on African Americans, Race for Profit reveals how the urban core was transformed into a new frontier of cynical extraction.

Дополнительное описание: History of the Americas|Population and demography|Property and real estate|Ethnic studies|Economic history



Race for Profit: How Banks and the Real Estate Industry Undermined Black Homeownership

Автор: Keeanga-Yamahtta Taylor
Название: Race for Profit: How Banks and the Real Estate Industry Undermined Black Homeownership
ISBN: 1469653664 ISBN-13(EAN): 9781469653662
Издательство: Mare Nostrum (Eurospan)
Рейтинг:
Цена: 4990.00 р.
Наличие на складе: Есть у поставщика Поставка под заказ.

Описание: Keeanga-Yamahtta Taylor offers a damning chronicle of the twilight of redlining and the introduction of conventional real estate practices into the Black urban market, uncovering a transition from racist exclusion to predatory inclusion. Widespread access to mortgages across the United States after World War II cemented homeownership as fundamental to conceptions of citizenship and belonging. African Americans had long faced racist obstacles to homeownership, but the social upheaval of the 1960s forced federal government reforms. In the 1970s, new housing policies encouraged African Americans to become homeowners, and these programs generated unprecedented real estate sales in Black urban communities. However, inclusion in the world of urban real estate was fraught with new problems. As new housing policies came into effect, the real estate industry abandoned its aversion to African Americans, especially Black women, precisely because they were more likely to fail to keep up their home payments and slip into foreclosure. Taylor narrates this dramatic transformation in housing policy, its financial ramifications, and its influence on African Americans. She reveals that federal policy transformed the urban core into a new frontier of cynical extraction disguised as investment.


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