by mjaques on 9/2/22, 2:31 PM with 47 comments
by logicalmonster on 9/2/22, 2:51 PM
Personally, I'd say that the ''bankers'' are using the guise of ''helping the people of color'' to actually prey on them. This is a slam dunk setup for another government bailout (''Help us Uncle Sam, so many people defaulted on their loans, nobody could see this coming.'') as well as taking control of lots of property during the next economic downturn.
by throwaway_4ever on 9/2/22, 5:00 PM
1. provide wealth to it's residents 2. fix crime and blight 3. help alleviate housing affordability crisis
Right now, a troubled area might have housing wealth be 1/4 of a nearby affluent area. But generally, this is simply because of crime and bad schools due to the cycle of poverty. If you're able to quickly alleviate the crime and poverty, suddenly that troubled area is basically as desirable for housing as the rest of the area.
Now, usually, this "gentrification" process has happened slower, over decades, and without the corresponding wealth accrual of its current residents. So it doesn't work out for the current residents and the clash between people is much harsher.
But what if all the wealth that was created when a $300k East Oakland home becomes $1m, was equally shared between investment and residents? Could you pay people (give them some type of community job) and/or make sure everyone has housing equity, to break that cycle, stop the crime, so that everyone wins?
It feels doable if tackled on a large scale, what am I missing?
by steveharman on 9/2/22, 5:08 PM
by camgunz on 9/2/22, 9:01 PM
Not to be all Eeyore, but it's a little exhausting to have any post about any race-conscious action get bogged down by commenters who haven't even read the Wikipedia pages for racism and reverse racism. There's an interesting discussion to be had about these kinds of policies:
- housing as infinitely growing store of wealth is probably bad, is it a good idea to get more people on that train? Is it unfair to effectively bar Black and Latino mortgage seekers from the gravy train?
- is it a good idea to do this now, as we're descending further into a housing crisis, or are these markets more liquid than others
- what are other non-credit-score measures of creditworthiness? Is credit even a good idea? Should the government just back things like mortgages, school, and auto loans?
by dkobia on 9/2/22, 6:55 PM