Much of intergenerational wealth comes from the ownership of property. It’s a problem. Between deliberate schemes to keep certain people out of neighborhoods, like redlining, and the inability to earn and save sufficient wealth to buy property, a significant cohort has been squeezed out of the market. Needless to say, minorities have not been welcomed with open arms over the years, and so have not been able to accumulate the intergenerational wealth that allows a family to build security and become vested in their community.
But it’s not as if this hasn’t been recognized before, and well-intended programs haven’t been tried to correct this problem by making home-ownership more readily available to black buyers.
Richard Nixon gave voice to a shift in government policy in 1968 when he declared that “people who own their own homes don’t burn their neighborhoods.” The Housing and Urban Development Act of 1968 created policies that let low-income black renters, long excluded from conventional mortgages and other standard ways of financing homes, become homeowners. Continue reading
