A new report finds black folks lost upwards of $3.2 billion in wealth *in just 20 years* from housing discrimination in Chicago
That's 3.2 to 4 billion dollars in lost inheritance. Billion with a "B".
Our new report on black wealth stripping in Chicago will be released today at a documentary film premiere of "The Shame of Chicago" at the Chicago Fed at 2PM.
Racist real estate policies and predatory contracts cost black homebuyers at least $3.2 billion in today’s dollars, according to the new report.
Redlining and predatory real estate lending stole at least $3.2 billion from black families in Chicago
New report (released today) on cost & extent of contract-for-deed in Chicago from 1950-1970. Estimates 75% of Black buyers got CFDs. ➡️ suggests *real* Black homeownership before Fair Housing Act likely much lower than reported via self-reported census
Report: "What happened during this crucial era, that of the making of America’s mass white middle class during the long postwar economic boom, was a systematic, legally sanctioned plunder of black wealth. The curse of contract sales still reverberates..."
Between 1950 and 1970, black Chicago homebuyers lost $3.2 - $4 billion due to exploitative contract selling. Some press coverage - and 2/2
No matter how well I think I understand the cruelty & injustice imposed on America's black minority over the years, I inevitably find I wasn't horrified enough.
Documentary film maker, Bruce Orenstein, a member of our community has done a remarkable job with his team in producing "The Shame of Chicago." The film will be accessible soon on the website.
Predatory ‘home sale contracts’ cost black Chicago homeowners billions in the 1950s and 60s: report - Chicago Sun-Times