GROWTH by NCRC: From Wall Street: Forget Owning. Rent the American Dream Instead

GROWTH by NCRC, April 1, 2022, From Wall Street: Forget owning. Rent the American Dream instead

The Great Recession, not consumer choice, is the first cause of the madness in the marketplace. This is followed closely by unnecessary zoning and permitting impediments to affordable home building. The loss of builders and skilled laborers, with a 40% reduction in construction workers and builders from the Great Recession, has seriously limited our ability to respond. Also at issue is the lack of easy capital that flows to mega buyers like Tricon. The National Community Reinvestment Coalition (NCRC) Fund, which has a mission of acquiring or building homes for individual owners in working-class communities, along with other small and medium-sized builders cannot achieve scale without this kind of capital.

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Redlining and Neighborhood Health

Before the pandemic devastated minority communities, banks and government officials starved them of capital.

Lower-income and minority neighborhoods that were intentionally cut off from lending and investment decades ago today suffer not only from reduced wealth and greater poverty, but from lower life expectancy and higher prevalence of chronic diseases that are risk factors for poor outcomes from COVID-19, a new study shows.

The new study, from the National Community Reinvestment Coalition (NCRC) with researchers from the University of Wisconsin–Milwaukee Joseph J. Zilber School of Public Health and the University of Richmond’s Digital Scholarship Lab, compared 1930’s maps of government-sanctioned lending discrimination zones with current census and public health data.

Table of Content

  • Executive Summary
  • Introduction
  • Redlining, the HOLC Maps and Segregation
  • Segregation, Public Health and COVID-19
  • Methods
  • Results
  • Discussion
  • Conclusion and Policy Recommendations
  • Citations
  • Appendix

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