How the housing crisis is crippling Chicago’s black community
If there is any story that can’t be ignored, it is the housing crisis. And this is a crisis that undermines the black community more than any other because so much is linked to the importance of owning a home.
Low housing prices are a major reason for income inequality for blacks.
The costs of upkeep of houses in older communities is a major burden on black homeowners, and another factor in the inequality.
This report by the Woodstock Institute is a good start for some reporting. It’s point is that there there is a higher level of unsold vacant homes; that homes are resold are lower rates in the black community and that the sales take longer. I can imagine stories describing streets and individual realities I can see a map of what’s happening and something explaining in detailing, again, why this housing crisis has been so extra painful for Chicago’s black community.
Here’s an excerpt:
“In Chicago, communities of color are shouldering the brunt of the foreclosure crisis,” says Woodstock Institute Vice President Geoff Smith. “Interventions targeted at these communities, such as keeping borrowers in their homes and properties in continuous productive use, can potentially limit the impact of concentrated foreclosures and help stabilize communities.”
And here is a link to the report:
Steve
