This important new book was recently long-listed for the National Book Award in Nonfiction:
Race for Profit: How Banks and the Real Estate Industry Undermined Black Homeownership
Hardback: UNC Press, 2019.
Buy Now: [ Amazon ] [ Kindle ]
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.
Watch this video of a recent talk by Keeanga-Yamahtta Taylor that offers a great overview of the book:
The Color of Law: A Forgotten History
of How Our Government Segregated America
by Richard Rothstein
C. Christopher Smith is the founding editor of The Englewood Review of Books. He is also author of a number of books, including most recently How the Body of Christ Talks: Recovering the Practice of Conversation in the Church (Brazos Press, 2019). Connect with him online at: C-Christopher-Smith.com