Black Home Ownership - If You Don’t Know, Now You Know | The Daily Social Distancing Show

Black Home Ownership - If You Don’t Know, Now You Know | The Daily Social Distancing Show

everyone knows the damage the coronavirus can do to your body it can destroy your lungs it can injure your kidneys hell it can even take down your presidency but it turns out the pandemic isn't just harming our bodies it's also harming our homes are we headed for another mortgage crisis the slow motion disaster in america's neighborhoods with more than 21 million americans out of work more and more homeowners are struggling to pay their mortgage we've seen a big spike in the number of delinquent homeowners since the pandemic began right now 6.6 of all mortgages are in some stage of delinquency that's 3.3 million american homes nearly doubling in just nine months if we don't put money in people's pockets if we don't extend a moratorium on evictions and and mortgage foreclosures we're going to be seeing millions of people who are homeless in the middle of winter when disease is rampant we're going to see people who are being forced to go to work even if they're sick because they need to put food on the table and pay rent and that is unconscionable wow guys 3.3 million american homes is an insane number that's like if everybody in jamaica was suddenly homeless i mean they'd probably be chilled about it because they have so much great weed and great weather but still it would be very inconvenient it's truly amazing that the american government the most powerful nation in the world has failed its people so badly i mean it almost feels like they tried to one-up the damage corona was doing i'm going to cause a massive public health crisis well then we're going to cause a massive economic and housing crisis damn you guys are cold but while the pandemic is causing millions to face a mortgage crisis for the first time housing instability is nothing new for black people in fact it's something african americans have been dealing with long before the coronavirus so let's find out why in another installment of if you don't know now you know [Music] it's no secret that white people have had an easier time getting ahead in america but one of the most important reasons for this might surprise you for millions owning a home remains at the heart of the american dream but many black americans have been left out a new report says just 44 percent of black families own a home compared to 74 for whites owning a home is the way that most people develop wealth it is the way that for years and years and years people have been able to pass something on to their to their children or pay for their education it's part of the reason the average white family has about 10 times the median wealth of a black family the gap between white and black homeowners is greater now than it was since before the fair housing act of 1968 when segregation was legal that's right the home ownership gap is worse for black people now than it was in segregation which is insane i never thought a black guy could be able to say ah jim crow those were the good old days but it makes sense when you realize how owning real estate helps you build wealth and that wealth becomes generational because home ownership is one of the surest ways for families to pass down wealth not beanie babies grandma but they're still very cute save them for me but also like think about a portfolio so black americans have had less wealth than white americans for decades and large part of that was because they couldn't build wealth by owning a home but why why couldn't they own homes at the same rates as white americans well like most things dealing with racial inequality it starts with the governments during the new deal the homeowner's loan corporation refinanced more than a million loans nearly one out of every five mortgages in urban america now the main problem with the homeowners loan corporation was redlining all of that wonderful government finance was only available to white people the homeowner's loan corporation essentially deemed black people too risky to loan the holc created residential security maps where the term redlining comes from green meant best area best people aka businessmen blue meant good people like white collar families yellow meant a declining area with working-class families and red meant detrimental influences most significantly negroes saying that neighborhoods were hazardous to london because they were quote unquote infiltrated by negroes or threatened with negro encroachment man what a terrible era when the phrase infiltrated by negroes could be a term used by the federal government when it should only be used for a dope-ass migos album i mean seriously do you know how [ __ ] up it is to describe those neighborhoods as infiltrated by negroes that's where black people lived but they made it sound like black people were breaking and entering into their own houses oh [ __ ] i'm in oh it's my house what am i doing i live here although i won't lie a part of me actually misses how upfront racism was back in the days you didn't have to read between the lines you know because if you're black now and you're trying to get a loan they'll be like well we we take a variety of factors into account in the loan approval process back then if a black person walked into a bank the manager was just like look alive fellas we got a negro encroaching white woman in the vault come on yo now by the late 1960s courts ruled that redlining was illegal but there are more subtle ways that black people are still kept from purchasing houses for example real estate agents who are just really trying to keep neighborhoods just white newsday with an undercover project to see whether real estate agents treated prospective tenants who are black any differently than prospective tenants who are white and they did a lot the risks to african americans in particular of suffering potential discrimination was about 50 50.

american government

I've had agents invoke burning crosses to dissuade me from buying a home in certain areas this newsday footage shows an agent handling one tester who is black and wants to see a house without a pre-qualification letter i won't do it you can try another person but i don't have the time to do that but for the white buyer also with no letter what is your availability she shows that buyer too in other cases newsday records agents who appear to be steering minorities towards mixed communities every time i get a new listing in brentwood our new client i get so excited because there's nice people but with a white buyer the same agent texting him about recent gang killings there those real estate agents got caught i would love to hear their feeble excuses afterwards no no no when i told one buyer the neighbors were nice people and the other one were gang killers i meant they were nice gang killers just jobs and by the way invoking burning crosses to try and stop a black person from moving into a neighborhood is not only racist it's overkill if you want to stop a black person from moving into a home all you got to do is tell them that their next-door neighbor adds raisins to their potato salad they're out and the truth is that even though redlining was outlawed as a matter of official policy it sure looks like the banks are still doing it anyway lenders deny mortgages for black applications at a rate 80 percent higher than that of white applicants when we do get loans or much higher interest rates or much worse conditions if you're african-american making more than a hundred thousand dollars you were more likely to be put into a subprime loan than if you were a white person making less than thirty five thousand dollars consequently black and brown families were disproportionately impacted by the 2007-2010 housing crisis being nearly twice as likely as white families to lose their homes after controlling for education crime walkability homes in black neighborhoods are devalued by 23 percent and accumulatively that's about 156 billion in lost equity one couple in florida actually saw their appraisal increase by 40 percent after they removed any evidence that a black woman lived there i took down um the family pictures that we had in the home and you know basically any markers that there were african-americans living in the house replacing them only with photos of her husband and his white family when the second appraisal comes back the value of their house shot up more than one hundred thousand dollars think about that her home appraisal went up a hundred thousand dollars a hundred thousand dollars getting rid of her family photos did more for her home value than putting in a swimming pool and again can we all agree that this is racist yeah because just having pictures of black family members shouldn't drive down the valley of a house just because you're pictures of black people i mean unless that black person is r kelly and then it's like i don't care that the basement is spacious i know what was happening in there so when it comes to racial discrimination and housing america has come a long way and there's still a long way to go but until the government gets serious about racial discrimination and mortgage lending and home selling well leo deblin has got you covered are you trying to sell your home but can't get a good price because you black you're trying to get a new house but these real estate agents are keeping you in the pool house well pack that moving van because leo's got a plan introducing leo dublin's home rightification i'll make your house look so white they'll think wes anderson live in this [ __ ] i'll throw out all your family photos and replace them with watercolors of boats i'll even throw in a diploma from dartmouth art history you know that's white your library is going to get ridified too with david sedaris the life of power and of course how to be anti-racist by ibram ex-kinder oh that's white hot and nothing says white like adding exposed brick man that's rustic as hell i'll even whitify your garage swap out that 2005 honda civic for a kayak a pair of skis and a volleyball net that only got used once looking like a l.l bean catalog in this [ __ ] and if you order now i'll wi-fi your music collection goodbye megan the stallion hello barbara the streisand leo devlin home ratification it ain't with 85 you can get that from your mama [Music] exit 120 by the fairgrounds next to foot [Music] locker [Music] you

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