4.0
Race for Profit
ByPublisher Description
LONGLISTED FOR THE 2019 NATIONAL BOOK AWARD
FINALIST, 2020 PULITZER PRIZE IN HISTORY
By the late 1960s and early 1970s, reeling from a wave of urban uprisings, politicians finally worked to end the practice of redlining. Reasoning that the turbulence could be calmed by turning Black city-dwellers into homeowners, they passed the Housing and Urban Development Act of 1968, and set about establishing policies to induce mortgage lenders and the real estate industry to treat Black homebuyers equally. The disaster that ensued revealed that racist exclusion had not been eradicated, but rather transmuted into a new phenomenon of predatory inclusion.
Race for Profit uncovers how exploitative real estate practices continued well after housing discrimination was banned. The same racist structures and individuals remained intact after redlining’s end, and close relationships between regulators and the industry created incentives to ignore improprieties. Meanwhile, new policies meant to encourage low-income homeownership created new methods to exploit Black homeowners. The federal government guaranteed urban mortgages in an attempt to overcome resistance to lending to Black buyers – as if unprofitability, rather than racism, was the cause of housing segregation. Bankers, investors, and real estate agents took advantage of the perverse incentives, targeting the Black women most likely to fail to keep up their home payments and slip into foreclosure, multiplying their profits. As a result, by the end of the 1970s, the nation’s first programs to encourage Black homeownership ended with tens of thousands of foreclosures in Black communities across the country. The push to uplift Black homeownership had descended into a goldmine for realtors and mortgage lenders, and a ready-made cudgel for the champions of deregulation to wield against government intervention of any kind.
Narrating the story of a sea-change in housing policy and its dire impact on African Americans, Race for Profit reveals how the urban core was transformed into a new frontier of cynical extraction.
FINALIST, 2020 PULITZER PRIZE IN HISTORY
By the late 1960s and early 1970s, reeling from a wave of urban uprisings, politicians finally worked to end the practice of redlining. Reasoning that the turbulence could be calmed by turning Black city-dwellers into homeowners, they passed the Housing and Urban Development Act of 1968, and set about establishing policies to induce mortgage lenders and the real estate industry to treat Black homebuyers equally. The disaster that ensued revealed that racist exclusion had not been eradicated, but rather transmuted into a new phenomenon of predatory inclusion.
Race for Profit uncovers how exploitative real estate practices continued well after housing discrimination was banned. The same racist structures and individuals remained intact after redlining’s end, and close relationships between regulators and the industry created incentives to ignore improprieties. Meanwhile, new policies meant to encourage low-income homeownership created new methods to exploit Black homeowners. The federal government guaranteed urban mortgages in an attempt to overcome resistance to lending to Black buyers – as if unprofitability, rather than racism, was the cause of housing segregation. Bankers, investors, and real estate agents took advantage of the perverse incentives, targeting the Black women most likely to fail to keep up their home payments and slip into foreclosure, multiplying their profits. As a result, by the end of the 1970s, the nation’s first programs to encourage Black homeownership ended with tens of thousands of foreclosures in Black communities across the country. The push to uplift Black homeownership had descended into a goldmine for realtors and mortgage lenders, and a ready-made cudgel for the champions of deregulation to wield against government intervention of any kind.
Narrating the story of a sea-change in housing policy and its dire impact on African Americans, Race for Profit reveals how the urban core was transformed into a new frontier of cynical extraction.
Download the free Fable app
Stay organized
Keep track of what you’re reading, what you’ve finished, and what’s next.
Build a better TBR
Swipe, skip, and save with our smart list-building tool
Rate and review
Share your take with other readers with half stars, emojis, and tags
Curate your feed
Meet readers like you in the Fable For You feed, designed to build bookish communitiesStay organized
Keep track of what you’re reading, what you’ve finished, and what’s next.Build a better TBR
Swipe, skip, and save with our smart list-building toolRate and review
Share your take with other readers with half stars, emojis, and tagsCurate your feed
Meet readers like you in the Fable For You feed, designed to build bookish communitiesRace for Profit Reviews
4.0
mack
Created 6 days agoShare
Report
Vic
Created 7 days agoShare
Report
“This book approaches the US housing policy as it began to evolve from the tail end of the Civil Rights era & into the Nixon administration. Under his presidency, his HUD insisted on changing the language of racism, empowering shady landlords, and pushing the narrative that capitalism/the free market will solve so many of the housing problems.
While there is a direct focus on Black women, substandard housing, and the people with the position and power to exploit said women, the pathway is made plain & is clear to understand how the policies adhered to in the 70s were widespread and still affecting us now.”
Michelle Chitwood
Created 30 days agoShare
Report
Nash Δ.
Created 4 months agoShare
Report
Start a Book Club
Start a public or private book club with this book on the Fable app today!FAQ
Do I have to buy the ebook to participate in a book club?
Why can’t I buy the ebook on the app?
How is Fable’s reader different from Kindle?
Do you sell physical books too?
Are book clubs free to join on Fable?
How do I start a book club with this book on Fable?
