, 11 tweets, 3 min read Read on Twitter
American nightmare: Black millennials less likely to own a home than their grandparents were at same age marketwatch.com/story/black-mi…
"The Great Recession delivered a far bigger hit to black Americans’ already meager wealth holdings— depressed by slavery, centuries of discrimination, and deliberately discriminatory housing policies — than it did to whites.
"That has left the home ownership gap between blacks and whites at its worst level since the New Deal, according to a new report from the Stanford Center for Poverty and Inequality. @centerpovineq @DarrickHamilton inequality.stanford.edu/sites/default/…
“The only generation with a lower home ownership rate than millennials is the Greatest Generation. This generation was coming out of the Great Depression in 1940 and didn’t benefit much from the New Deal programs that assisted with home ownership.”
In addition, “for both blacks and whites, one has to reach back to the Greatest Generation — born approximately a century ago — to find home ownership rates that are lower than those now in play for millennials.”
"#Reparations could directly compensate blacks for a 400-year-long history of dispossession and discrimination that dates back to chattel slavery, when blacks were the capital assets of a white plantation class,
“This was the beginning of a long history of oppression and unfairness that finds its most recent expression in housing inequities.” epi.org/blog/housing-d…
"A separate study from Duke University’s Samuel Dubois Center on Social Equity released earlier this month found that, in Chicago alone, past discriminatory housing policies cost black families as much as $4 billion. socialequity.duke.edu/news/new-repor…
That’s because black families were pushed into “contract buying” arrangements that were highly predatory. “On average, the price markup on homes sold on contract was 84%.”
"Last week, Sen. Corey Booker testified at a hearing on the issue in Congress, arguing the country 'could never be fully healed' without a candid, in-depth discussion of the harm done to black Americans over centuries.
"Several Democratic presidential candidates have expressed support for the principle of reparations, including Booker, Kamala Harris, Elizabeth Warren and Julian Castro."
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