Truthout: Black Americans’ median wealth could disappear in one generation
Truthout, July 12,2018: Black Americans’ median wealth could disappear in one generation
After slavery, the racial wealth gap went through a metamorphosis in the form of redlining in the 20th century’s first half. Redlining is the systematic denial of financial services such as mortgages or insurance to residents or communities based on their race. During Jim Crow racial segregation, banks and the federal government denied home loans to Black communities, which further decayed their neighborhoods.
Even though the 1968 Fair Housing Act outlawed redlining, it has shaped the economic and racial makeup of today’s neighborhoods. For example, according to a report by the National Community Reinvestment Coalition, neighborhoods that were redlined in the 1930s are still predominantly nonwhite, lower-income and economically disenfranchised.