BLOCKBUSTING

 

@blackhistoryunlocked Blockbusting refers to the practice of introducing African American homeowners into previously all white neighborhoods in order to spark rapid white flight and housing price decline. Real estate speculators have historically used this technique to profit from prejudice-driven market instability. After intentionally placing an African American homeowner onto a block, speculators solicited white owners with tales of impending depreciation. Fearful residents often sold their homes to these speculators well below market value. As white residents began to flee in great numbers, other white residents sold their homes at even lower prices, thus further depressing housing prices in a self-fulfilling prophecy. - Middle class African Americans, who were otherwise denied access to previously all-white neighborhoods, were now offered admittance at artificially inflated prices set by the speculators. - A 1970 report released by a Baltimore group called “the Activists” concluded that the average markup in neighborhoods experiencing racial change ranged from 80% to 100% higher than in racially homogeneous areas and that these inflated prices comprised a “black tax” imposed on African American would-be homebuyers. Given the bleak housing options these buyers faced, many had no other choice and paid the inflated costs. - These expenses placed an onerous burden on black homeowners. Already facing steep housing payments, they often found it difficult to get bank loans to make needed repairs on their new homes. Renters in these integrated enclaves faced similar difficulties, notably substandard living conditions imposed by slumlords who viewed these properties as expendable commodities ripe for exploitation. These problems exacerbated declining housing prices and equity loss. #housingdiscrimination​ #Redlining​ #blockbusting​ #Blackcommunity​ #blackpeople​ #blackmiddleclass​ #workingclass​ @raebebe Wow! @dynamitaaa Wow https://www.whytheracecardisplayed.com/