Wealth gap between whites and African Americans has tripled over last 25 years

[theworldismine13]

What makes you think that a black family living in public housing can afford to pay a mortgage? You really think people living in the projects can afford to just buy a house if they want to?

Without public housing, most of these families would either be renting somewhere or on the street.



You're ignoring the fact that a lot of these people would be put out on the streets. Sure it's a "distortion of the real estate market", but in the same way that food stamps are a distortion of the food market. These things are definitely abused sometimes, and some people get dependent, but they still prevent a lot of people from being homeless/hungry. It's a necessary evil.

i have no idea whether a family in public housing can afford to pay for a mortgage, mortgages and housing prices vary widely across the united states, so you will have to specify what part of the country you are talking about

without public housing i agree that people would be renting and they would also be moving to places where its cheaper to live and cheaper to buy housing

if people are living in the street, the government should provide temporary shelter until they find a place to live but that should only be temporary, when the government starts providing housing for generations of black families that creates a cycle of poverty and retards wealth building

you asked me a question, what does public housing have to do with wealth, and i answered your question, public housing retards the building of black wealth by 1) discouraging home buying and 2) in a roundabout way violating the economic and individual rights of the residents

food stamps are not a distortion of the food market, prices and supply of food dont change if people use food stamps, public housing is a distortion because it distorts the prices and the supply of housing

public housing is not a necessary evil, public housing is an awful policy and one of the worst government programs ever because it has been detrimental to wealth building in the black community

 

[Marvel]

what do you mean what does it have to do with this, wealth is connected to real estate, so therefore if a black family is living in public housing they are not building wealth, how is the connection not obvious


what do you mean what they would do? they would do the same thing they do when public housing is destroyed now, the people would move to where its cheaper to live and its more likely to be able to own property if its cheap

public housing is a distortion of the real estate market and it stifles the building of black wealth and in a roundabout way it violates the economic and individual rights of the residents

Best post in here. It goes back to what I said about how owning property (homes) or land it's the way that many white people built their wealth. Residential neighborhoods in many cities did not allow blacks to purchase...add to the fact that we were not allowed to work in jobs that paid well back in the day. Then when we were buying homes, we went through redlining and we had mortgage loans rejected even though we met the requirements or paid higher interest. I know this well because my parents went through this in the late 80s when they tried to buy a home.

The thing is now housing has become a fickle market, people are losing home values in a lot cities. One of my friends owned a house in Vegas before the economy went down. Made almost $200,000 selling the home after owning it for a few years. Hard to do that today.

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[DLo]

 

[Serious]

This is why i don't understand why we are comparing ourselves to them. White people have had a huge head start. Black people are better off looking at the way Asians, Arabs and Africans come up when they come to this country. That is the model we need to follow.

You mean prioritizing education and home ownership.

 

[FreshABM]

The difference is over $100,000. What kind of rims are we buying?

This has a lot to do with wealth that is past down generations. Wealth takes time to build and time was taken away for us to build it because of discrimination. Its a lot harder to own land today than it was when whites were given free reign to do whatever they wanted while we suffered as a people and couldn't do shyt. On my team at work alone two white women...Both of whom have inheritance that they will be receiving through mineral rights (look it up). There family probably owned slaves back in the day too. Both of their families own land and farms in Texas. One of them has a step brother that will receive $500,000 in the next few weeks once he turns 25. He received about $100,000 when he turned 18, the rest which is larger, he will get when he is 30.

Home owning is the best way to build wealth outside of stocks. Most homes are under a 30 year mortgage. I just turned 30 last year so if you think from a wealth perspective. A black family that bought a home in 1982 will be able to pass some wealth down to their children when they die.

I truly believe this..bros where ever you are if you can ..keep that credit clean and look to BUY..fucc that rent shyt...now if you have no choice ..cool..but try to build till you can own something

 

[El Bombi]

Tim Wise already explained why this has happened.

 

[No_bammer_weed]

what do you mean what does it have to do with this, wealth is connected to real estate, so therefore if a black family is living in public housing they are not building wealth, how is the connection not obvious


what do you mean what they would do? they would do the same thing they do when public housing is destroyed now, the people would move to where its cheaper to live and its more likely to be able to own property if its cheap

public housing is a distortion of the real estate market and it stifles the building of black wealth and in a roundabout way it violates the economic and individual rights of the residents

Doggy, do you even bother to read the articles and actually analyze data? Let me restate: Black people have on average less than 5% of the wealth of white folks, centering on 5gs. You know how to calculate wealth, correct? What kind of homes are black folks buying with such a paltry amount of total assets to their name?

And what makes your response even more puzzling, is that its hostile to what we know about our current economic climate. You're aware of the housing collapse, right? You know which group was hit the hardest by said collapse, and which group benefitted....in essence, black folks were doing exactly what you suggested, securing home ownership to increase personal wealth, which was closing the wealth gap incrementally until the economic malfeasance of big bank extended that chasm.

Cmon, b....you have to engage and interface with data --- dont submarine discussions with your lame talking points, that have little relevancy to the issue at hand.

 

[theworldismine13]

Doggy, do you even bother to read the articles and actually analyze data? Let me restate: Black people have on average less than 5% of the wealth of white folks, centering on 5gs. You know how to calculate wealth, correct? What kind of homes are black folks buying with such a paltry amount of total assets to their name?

And what makes your response even more puzzling, is that its hostile to what we know about our current economic climate. You're aware of the housing collapse, right? You know which group was hit the hardest by said collapse, and which group benefitted....in essence, black folks were doing exactly what you suggested, securing home ownership to increase personal wealth, which was closing the wealth gap incrementally until the economic malfeasance of big bank extended that chasm.

Cmon, b....you have to engage and interface with data --- dont submarine discussions with your lame talking points, that have little relevancy to the issue at hand.

do you know what average means? do you realize that it means that there are black families that have a lot more than 5gs

did you even read what i wrote? there is nothing i wrote that contradicted anything written in the article, i simply made a side comment on how public housing discourages home ownership, distorts the housing market and violates the economic and individual rights of the residents, the fact that black families have low wealth wouldnt contradict my point

my point refers to what policies we need to increase black wealth, IMO one policy should be to eliminate public housing and promote real estate in the black community, even if its cheap real estate its still ours and we can develop it over time

besides whining like a little bytch what actions are you suggesting to increase black wealth?

 

[88m3]

Since the 1600s, white folks have passed on their wealth to their kids and the cycle keeps going...

whites pass down evil and mental disease



blacks pass down strength and and a positive outlook on life

 

[bertyr]

Advice from a white guy, but imo for blacks to become more wealthy it'd be better to focus on growing a mindset of "buying black" where black consumers and small businesses work together to stimulate each other as a priority instead of having their wealth leak out into the greater business community (outside of political necessity). black businesses that provide jobs to black people who in turn purchase their goods and services from other black businesses. The empowered "black business coalition" would become more of a greater funnel for outside wealth to seep in to instead of the other way around.

And not in a mean-spirited racist way against non-blacks (obviously this would hurt black business with attracting non-black consumers) or anything but as a self-preservation and growth strategy that isn't about hating others but instead about improving your lot.

 

[NZA]

group A must rely 100% on merit
group B must rely 50% on merit, and 50% on society

which group is going to be more successful on average?

let's just get to the point. if we have to actually earn everything we get, we, on average, will have less, because the natural state of man is poverty. for the most part, each black person, in his own lifetime, must defeat poverty, and then build a surplus. apparently, some people need studies to learn that that is actually pretty fukking hard to do.

smart white people know this is hard, which is why they are often so racist. if you can rig the system in your favor, you can sustain an otherwise unnatural system on the backs of everyone else.

as bertyr has mentioned, black people have to be more racially conscious in our economic behavior so we can attempt to rig smaller systems in our favor.

 

[Chris.B]

Thank the single mothers for this.

 

[Marvel]

I truly believe this..bros where ever you are if you can ..keep that credit clean and look to BUY..fucc that rent shyt...now if you have no choice ..cool..but try to build till you can own something

I bought my home in 2011. I am glad I did. I tell people that if you can afford to do it, then do it especially if you live in a stable housing market. I saved my money, but the bulk of my down payment came from selling my car that I had just finished paying off before I bought my home.

 

[throughthefire]

[ame="https://www.youtube.com/watch?v=QPKKQnijnsM&feature=player_embedded"]https://www.youtube.com/watch?v=QPKKQnijnsM&feature=player_embedded[/ame]

are y'all even suprised?? only 1% of the actual one percenter class is black...

 

[Schmoove]

We never got our 40 acres and a mule.

Until America pays up for slavery, we'll always be at the bottom of the wealth barrier.