Race for Profit: How Banks and the Real Estate Industry Undermined Black Homeownership, by Keeanga-Yamahtta Taylor (University of North Carolina Press) – The Pulitzer Prizes

The 2020 Pulitzer Prize Finalist in History
Finalist: Race for Profit: How Banks and the Real Estate Industry Undermined Black Homeownership, by Keeanga-Yamahtta Taylor (University of North Carolina Press)
A deeply researched and rigorously argued account of the public-private partnership that replaced redlining with even more predatory and destructive practices.

Share: TWITTER FACEBOOK EMAIL
NOMINATED WORK

Race for Profit
By Keeanga-Yamahtta Taylor

 
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 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. 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 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.

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.

— from the publisher

BIOGRAPHY

Keeanga-Yamahtta Taylor is assistant professor of African American studies at Princeton University and author of From Black Lives Matter to Black Liberation and How We Get Free: Black Feminism and the Combahee River Collective.

— Read on www.pulitzer.org/

Published by lmgllc6

I'm here and I can help. It is my business and passion, helping people. I'm a professional in the area of commercial & residential real estate. I'm Passionate about my work, and I want to help you. Give me a call.

Leave a Reply

Please log in using one of these methods to post your comment:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

This site uses Akismet to reduce spam. Learn how your comment data is processed.

%d bloggers like this: