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Cited by 854Urban, Neighborhood, and Segregation StudiesHousing, Finance, and NeoliberalismHousing Market and Economics

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Race for Profit: How Banks and the Real Estate Industry Undermined Black Homeownership

Taylor, Keeanga-Yamahtta·2019·University of North Carolina Press eBooks
DOI 10.5149/northcarolina/9781469653662.001.0001
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Abstract

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.

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Metadata

Authors
Taylor, K.-Y.
Corresponding author
Taylor, Keeanga-Yamahtta
Venue
University of North Carolina Press eBooks
Publisher
University of North Carolina Press
Published
2019-10-21
DOI
10.5149/northcarolina/9781469653662.001.0001
OpenAlex
W4234153941
Cited by
854
References
0
Citations by year
2026: 103 · 2025: 179 · 2024: 154 · 2023: 145 · 2022: 100 · 2021: 124 · 2020: 48 · 2019: 1
FWCI
72.25
Type
book
Language
en
Open access
closed
Locations
University of North Carolina Press eBooks (publishedVersion)
Topics
  • Social Sciences › Sociology and Political Science › Urban, Neighborhood, and Segregation Studies
  • Social Sciences › Economics, Econometrics and Finance › Finance › Housing, Finance, and Neoliberalism
  • Social Sciences › Economics, Econometrics and Finance › Economics and Econometrics › Housing Market and Economics
Keywords
redlining, Black homeownership, predatory lending, mortgage lending, real estate industry, foreclosure, Black women, residential segregation, urban revolt, deregulation, federal housing policy, African American community

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