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5 Lies You've Been Told About Generational Wealth

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5 Lies You've Been Told About Generational Wealth

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Mohan, Pavithra. “5 Lies You've Been Told about Generational Wealth.” Fast Company, Fast Company, 18 July 2019, www.fastcompany.com/90372281/5-lies-youve-been-told-about-generational-wealth.

Summary: This article tackles some of the common misconceptions regarding generational wealth.  The author brings up some good points and backs it up with solid  evidence. It also serves as an informational article on how to keep wealth within the family.

How I will use this article: The author has a point that generational wealth is commonly lost from one generation to the next. This information is commonly used to disprove the effects of racial segregation. I am going to use this as a counter argument.

https://www.fastcompany.com/90372281/5-lies-youve-been-told-about-generational-wealth

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Racial Segregation and the American Foreclosure Crisis

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Racial Segregation and the American Foreclosure Crisis

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Rugh, Jacob S., and Douglas S. Massey. "Racial segregation and the American foreclosure crisis." American sociological review 75.5 (2010): 629-651.

Summary: This article ties together the relationship between residential segregation and housing foreclosure. Facts are given regarding subprime lending and how it was prevalent in previously redlined communities. This article gives an overview of the history behind foreclosed homes and how we see the problem today.

How I will use this article: I will use this article to explain how foreclosure is closely related to housing segregation. Foreclosure is a huge factor pertaining to wealth and what is passed onto the next generation.

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Rothstein, Richard. The Color of Law: a Forgotten History of How Our Government Segregated America. Liveright, 2018.

How I will use this article: CoL gives an abundance of information on the ways that housing segregation effected generational wealth. I will use this as evidence to prove that exact point. I will also look at concepts from the book and dig a little deeper, then use those sources as evidence.

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Attacking the Black–White Opportunity Gap That Comes from Residential Segregation

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Attacking the Black–White Opportunity Gap That Comes from Residential Segregation

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Kimberly Quick and Richard D. Kahlenberg, et al. “Attacking the Black–White Opportunity Gap That Comes from Residential Segregation.” The Century Foundation, 25 June 2019, tcf.org/content/report/attacking-black-white-opportunity-gap-comes-residential-segregation/.

Summary: In this article the authors give good details on how the current state of the African American community is effected by housing segregation. Explanation for the opportunity gap is gone into detail. The Authors give some really good suggestions for solutions.

How I will use this article: I am going to use this article mainly for the solutions. The authors solutions are very similar to the CoL, but I like the way they word it. I may also use evidence to show the level of disparity in the black community, as they give compelling points.

https://tcf.org/content/report/attacking-black-white-opportunity-gap-comes-residential-segregation/?session=1&session=1

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The Roots of the Widening Racial Wealth Gap:Explaining the Black-White Economic Divide

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The Roots of the Widening Racial Wealth Gap:Explaining the Black-White Economic Divide

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Shapiro, Thomas, Tatjana Meschede, and Sam Osoro. "The roots of the widening racial wealth gap: Explaining the black-white economic divide." (2013).

Summary: This article goes into detail about how black folks experience Inequality what perpetuates the wealth gap. Housing segregation is touched on quite frequently.

How I will use this source: I will use a quote to further reinforce the significance of the wealth gap and how it continues to grow. I will use this as more reasoning why it is so difficult for blacks to leave the neighborhoods they were forced into.

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This chapter begins by discussing why America lacks action to remedy affects from housing segregation. It covers the possible solutions to the problems resulting from housing segregation, starting with education, because many still believe housing segregation was de facto segregation. Integration of lower class with middle class and options for tax incentives are given. The solutions are complicated and the issue of gentrification is discussed.

Inclusionary Zoning- Creating an area that consists of different races and classes.

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Efforts were made to desegregate America. The lack of an ability for Black folks to acquire wealth from housing appreciation, due to residential segregation, makes it very difficult to correct the wrongs of segregation.

Housing appreciation: homes grow in value which increases net worth of owner, even when wages stay stagnant. Housing segregation prevented black folks from buying homes and taking advantage of the major housing appreciation which took place in the 50’s and 60’s.

Disparate impact: certain individuals are disproportionately impacted by a seemly neutral factor. For example, sales tax disproportionately effects poor, while rich are seemingly unaffected. This is sometimes seen as unavoidable.

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Jobs that are common for Black folks are non unionized, had no social security benefits, or minimum wage protection. War industry discrimination is prevalent.

Auxiliary Unions: Large white only unions, such as the AFL, did not allow black members. Certain companies were required to hire unionized employees. When these companies resorted to hiring black employees, due to lack of white candidates and an increasing war workload, auxiliary unions were created for the Black employees. These auxiliary unions did not give the same rights that the all white unions did.

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The Government continues to accept racial covenants.  Police refuse to investigate or arrest individuals commiting race crimes.

State sanctioned violence: Whites commit crimes against black families (stoning, firebombing, cross burning, name calling, murder, etc.) with no repercussions.

Firebombing: Incendiary devices that are thrown at property in an effort to cause bodily harm and destroy property. These crimes were not addressed by law enforcement.

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I will cover what contributed to the lack of an ability to create generational wealth and how those factors disproportionately impacted African Americans  in a negative way, how African Americans are still effected today, and what steps we can take to mitigate these problems.

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What effect has housing segregation had on the generational wealth of the African American Community?

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AFSC made efforts to desegregate neighborhoods, and were met with hurtles they could not get over, put in place by the Federal and local Government. Blacks were pushed from areas where whites did not want them, often causing the loss of their homes.

Blight: Black flight, blacks were pushed from downtown areas so whites could shop and be without  black presence. Blacks were also pushed from their homes from government projects to expand freeways. Black families had their homes demolished with no reimbursement for property or moving costs.

AFSC: American Friends Service Community. A Quaker group who’s goal was racial integration. They attempted to fund builders for neighborhoods that integrated black and white. They were met with much adversity and were unsuccessful in their efforts.

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The Federal Government (IRS) perpetuated segregation of housing by continuing to grant tax exemptions for non-profits that funded lawsuits against violators of covenants. These non-profits were usually community churches and universities who were racist and wanted to keep neighborhoods all white.

Shelley vs Kraemer: Court case which ruled racially restrictive covenants violated the 14th Amendment. Even after this ruling the IRS continued to grant tax exemptions for those who funded racist lawsuits.

Teaser rates: blacks were forced into getting less than ideal loans. These loans had rates which were appealing in the beginning, but soon after the loan went into effect the rates would skyrocket.

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As blacks became able to purchase homes in white areas, set backs that blacks faced caused areas to become less desirable and brought down the property value and hindered near by schools. Real estate companies, contract sales, and blockbusting caused neighborhood deterioration.

Contract sales: Blacks we’re unable to get federal loans like the whites, so they resorted to buying loans with very poor terms. Equity in homes was not gained, one missed payment would lead to eviction, and the rates payed were far more than the worth of the property.

Blockbusting: Real estate scheme where blacks were sold houses near white areas. The whites would be scared into selling by being told blacks were moving in and their property value would decrease, and they were also influenced by blacks being payed to hangout in areas and look for homes. The white homes would then be bought far below market value and sold to black for far above market value.

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Segregation of neighborhood was written into deeds and included in covenant agreements between neighbors. The Federal Government (FHA, VA, etc.) perpetuated the issue by not allowing mortgages for blacks or approving builders who didn’t include such covenants or segregated language in deeds.

Covenants: To keep neighborhoods white, neighbors would formulate a legal agreement to keep out blacks. This legal agreement was used to sue those who violated the rule.

Suburbanization: Neighborhood of houses we’re built in cities. This neighborhoods were only approved for construction if they were white only, or in rare circumstances, building all black neighborhoods separate from all white ones.

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Efforts were made to keep African Americans away from upper and middle class areas. Areas were African Americans lived were view as to risky for mortgages and refinancing.

Key Terms:
HOLC: Home Owners’ Loan Corporation. During the Great Depression HOLC bought mortgages for homes that were at risk of foreclosure and extended the period of the loan, making Americans more likely to keep their homes. HOLC considered homes in black neighborhoods risky, and were less likely to loan to families living in those areas. (Pg. 63)
Underwriting Manual: Established rules based around home buying / housing market that disproportionately effected blacks. One disparity was that homes in black neighborhoods were likely to be appraised for much less. (Pg. 65)

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Zoning created middle class white and lower class black neighborhoods. Blacks neighborhoods were in undesirable locations.

Key terms:
Jim Crow Laws: Laws that segregated public transportation, schools, and public amenities. It also prevented blacks from voting. (Pg. 40)
Baltimore Segregation Ordinance: In 1910 it was the 1st ordinance that prevented blacks from buying homes in majority white neighborhoods. It also prevented whites from buying homes in majority black neighborhoods.

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Public housing agencies provided white workers with a place to live. When housing was eventually made for blacks it was segregated, causing all white and all black neighborhoods.

Key terms:
New Deal Construction Agencies: Agencies responsible for creating housing , mostly for whites. One of these agencies, PWA, created housing for blacks but exacerbated segregation by creating black only and white only housing developments and neighborhoods. (Pg. 19)

Neighborhood Composition Rule: Rule to keep whites in white only neighborhoods and blacks in black only neighborhoods. This led to segregation of neighborhoods and forced blacks into neighborhoods they sometimes couldn’t afford, forcing them to move in with others. (Pg. 21)

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Color of Law