Summary of Keeanga-Yamahtta Taylor's Race for Profit

Everest Media

Description

Please note: This is a companion version & not the original book.
Sample Book Insights:
#1 In August 1967, the House of Representatives rejected a bill to exterminate rats in the inner city, and in response the protestors chanted We want a rat bill! at progressively higher volumes. The previous attempt at passing the bill had not been simply voted down but ridiculed in the process.
#2 During the Watts rebellion, a reporter interviewed two Black teenagers about why the riots had happened. One explained where he and his family lived: We live in a two-bedroom apartment. The rent is too high and rats, they are big. You open the back door and one of them jumps over your foot from the back porch. But we still have to live there.
#3 In 1966, a Chicago baby was killed by a rat while sleeping in his crib. More than a thousand African Americans gathered on Chicago’s West Side in protest.
#4 The urban vermin trope symbolized the degradation of Black urban life in the United States. It was a product of repeated reports by African American media about the conditions in cities, which were largely ignored by mainstream explanations that blamed the housekeeping and hygiene of individual families.

Sujets

• Selling Homes
• Buying Homes
• Real Estate
• Employabilité, métiers et formations
• Economics
• Business

Informations

• Publié par: Everest Media LLC
• Date de parution: 05 mai 2022
• Nombre de lectures: 0
• EAN13: 9798822500747
• Langue: English
• Poids de l'ouvrage: 1 Mo

Extrait

Insights on Keeanga-Yamahtta Taylor's Race for Profit
Contents Insights from Chapter 1 Insights from Chapter 2 Insights from Chapter 3 Insights from Chapter 4 Insights from Chapter 5 Insights from Chapter 6 Insights from Chapter 7
Insights from Chapter 1

#1

In August 1967, the House of Representatives rejected a bill to exterminate rats in the inner city, and in response the protestors chanted We want a rat bill! at progressively higher volumes. The previous attempt at passing the bill had not been simply voted down but ridiculed in the process.

#2

During the Watts rebellion, a reporter interviewed two Black teenagers about why the riots had happened. One explained where he and his family lived: We live in a two-bedroom apartment. The rent is too high and rats, they are big. You open the back door and one of them jumps over your foot from the back porch. But we still have to live there.

#3

In 1966, a Chicago baby was killed by a rat while sleeping in his crib. More than a thousand African Americans gathered on Chicago’s West Side in protest.

#4

The urban vermin trope symbolized the degradation of Black urban life in the United States. It was a product of repeated reports by African American media about the conditions in cities, which were largely ignored by mainstream explanations that blamed the housekeeping and hygiene of individual families.

#5

By 1960, 60 percent of Americans were homeowners, and homeownership on a mass scale became a foundation on which the American economy could grow and flourish. But the housing was not evenly distributed.

#6

By mid-century, the condition of Black neighborhoods was a reflection of the tenants living in them. The dilapidated state of Black neighborhoods was used as proof that African Americans were not fit to own property.

#7

While the FHA made it easier for white Americans to buy homes, it made it much more difficult for African Americans to buy homes, as their properties were often valued differently and they were excluded from many of the programs available to white homeowners.

#8

The FHA’s exclusion of African Americans from mortgage protections reflected the worst of racial pseudoscience, including the presumption of Black inferiority and a consequent detriment to property values.

#9

The FHA began as an agency intent on expanding homeownership to lower-income families, but its policies would eventually be used to exclude African Americans.

#10

The FHA worked to expand homeownership among lower-income families, and did so by reducing the down payment and monthly payments for these families.

#11

The FHA and Veterans Administration exclusion of African Americans was virtually complete by the time the 1949 National Housing Act was passed, and the condition of the urban ghetto became associated with the behavior, aptitude, and competency of Black citizens.

#12

The FHA was quite innovative in its various schemes to pull low-income people into the realm of homeowners. For example, it considered paying unemployment and health insurance for its mortgagors if they fell on hard times, so that their monthly mortgage obligations would still be met.

#13

The FHA’s drive to increase homeownership was also motivated by the economic benefit that came along with it. The centrality of homeownership to the American economy pushed the FHA to maintain segregation, as well as expand opportunities for African Americans to become homeowners.

#14

The Supreme Court decision on Brown v. Board of Education declared that the segregation of public schools was unconstitutional. This opened the way for a political challenge to the federal government’s involvement in the segregative practices within the real estate and banking industries.

#15

After World War II, the real estate industry was excited to develop a Black housing market, as it would provide a new source of customers. However, they wanted those customers to be properly located.

#16

The real estate industry was aware of the changing political climate, which was beginning to frown upon public displays of discrimination, and they began to market Black homeownership as a way to preserve property values and avoid controversy.

#17

Urban renewal, which was meant to clear slums and make cities more aesthetically pleasing, actually displaced tens of thousands of African Americans from their homes. The need for housing by low-income families was not met by the public housing program, so they were forced to find other solutions.

#18

The 1954 Housing Act created an experimental program for homeownership for individuals and families displaced by urban renewal. However, it was not lucrative enough for banks to overcome their racial hostility to potential Black buyers.

#19

The FHA continued to support segregation, as its policies did not change to accommodate Black homeowners. The agency merely removed racist language from its underwriting manuals and operations, but did not address its commitment to segregation.

#20

The Voluntary Home Mortgage Credit Program was created in 1954 to help minority buyers access the mortgage market. It was a failure, as it did not provide any mortgage money and did not close any loans. It only facilitated the flow of funds for residential mortgages into areas where there was a shortage of local capital.

#21

Despite the Supreme Court’s decision in Brown v. Board of Education, which declared segregation in education unconstitutional, local officials and federal regulators were reluctant to enforce existing civil rights law.

#22

The FHA did not enforce its rules against discrimination, and allowed the housing industry and banks to continue excluding urban-based African Americans.

#23

During the period of mass suburbanization, which was when many whites fled American cities to move into their new federally subsidized suburban houses, this created new homeownership opportunities for Blacks but on very expensive terms.

#24

Contract buying, which was similar to rent to own schemes, forced African Americans to pay higher interest rates and higher overall costs. While white homeowners were enjoying small down payments and low interest rates, contract buyers had no such choices.

#25

The color tax supported the notion that Black communities were economic colonies within the United States.

#26

Many studies from the 1960s continued to emphasize poverty as the main reason for inner-city dwellers being in ghettos, when in reality, it was the result of exploitative real estate practices that created or exacerbated poverty.

#27

The price of housing was not just high, but its price afforded very little. The combination of poor condition and high price is what sparked the urban rebellions.

#28