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Kamala Harris Proposes $100 Billion Plan to Close Racial Homeownership Gap |
2019-07-07 |
[Rolling Stone] Speaking at the 25th annual Essence Festival, Senator Kamala Harris announced her plan to close the racial homeownership gap that has historically prevented minority families from purchasing homes. Harris’s proposal would allocate $100 billion in downpayment and closing-cost assistance to families living in historically red-lined communities, administered through the Department of Housing and Urban Development. That would be enough to help at least four million become homeowners."A typical black family has just $10 of wealth for every $100 held by a white family," Harris said. "So we must right that wrong and‐after generations of discrimination‐give black families a real shot at homeownership‐historically one of the most powerful drivers of wealth." Investing in homes is one of the best ways to create generational wealth, but home loans have historically been denied to minority families through racist practices such as redlining. Redlining drew boundaries around low-income and majority black communities and designated them as not eligible for federal loan assistance, preventing black families from borrowing money to purchase their own home. It is largely responsible for the racial homeownership gap that currently exists, where 73 percent of white families own their own homes while les s than 50 percent of black and Latino families do. |
Posted by:Besoeker |
#16 Many black Americans love it when people promise to steal from others and deliver the booty to them. "How cool is that!" Unfortunate, but very, very true. |
Posted by: Phaick Uneretle6310 2019-07-07 21:00 |
#15 Latrine Spew-well. You just don't hear much mention of him anymore. |
Posted by: M. Murcek 2019-07-07 20:27 |
#14 And Sprewell spinners? |
Posted by: anymouse 2019-07-07 20:02 |
#13 Getting into your wallet without a gun, racism industry is is nothing more than armed robbery using government policy as the weapon... |
Posted by: NoMoreBS 2019-07-07 18:08 |
#12 Do these homes come with 26'rims? |
Posted by: bbrewer126 2019-07-07 17:59 |
#11 Give low-income blacks a two-year head start and no interest on loans for seven years. Apparently you've never been thru Adelanto |
Posted by: Frank G 2019-07-07 17:34 |
#10 Make it a classic land rush -- open up some federal land for development. Anyone can claim as much as 120 acres; they have to have at least 2/3rds of it in productive use or housing in seven years. Give low-income blacks a two-year head start and no interest on loans for seven years. Racially discriminatory, but that's the end of it -- no more development zones, no more set-asides, no more preferences; it all becomes illegal racial discrimination. I think you'll find results similar to the ones that led to "racist redlining" -- about a third will work hard to be successful, about half will just be getting by, and the remainder will milk the program for short-term wealth and be worse off than when it started. |
Posted by: Rob Crawford 2019-07-07 17:27 |
#9 How Can Presidential Candidates Be So Silly? |
Posted by: Skidmark 2019-07-07 16:39 |
#8 So right. The great land-grab. |
Posted by: Dron66046 2019-07-07 14:52 |
#7 More like lifted out of South Africa Dron... It worked so well there... |
Posted by: CrazyFool 2019-07-07 14:00 |
#6 This ties in with their newfound fascination with reparations. Do mind, the reparations program being developed by democrat think tanks features land transfer. Giving public land away as freehold. Also taking land away from owners, based on other property they own, and parceling it out to black families. It's like they lifted it out of some Marxist textbook. |
Posted by: Dron66046 2019-07-07 10:53 |
#5 Already done. It was called the 2008 Mortgage Meltdown. The bill under Obama was $10 trillion dollars. |
Posted by: Sholuth Hupuper1180 2019-07-07 10:38 |
#4 Section 8 mortgages. |
Posted by: Fred 2019-07-07 10:05 |
#3 The gummint owns 90% of Nevada. Give everyone who wants one a home there. End of problem. |
Posted by: SR-71 2019-07-07 09:18 |
#2 Pander Bear learned at the |
Posted by: Frank G 2019-07-07 08:19 |
#1 1. By definition it is racist 2. Tried before and delivered the |
Posted by: Procopius2k 2019-07-07 07:47 |