New York Attorney General Letitia James released a report detailing systemic racism within the city’s housing market. According to the report, there have been disparities in homeownership rates and mortgage lending practices over decades that have directed failed communities of color.
The report mentioned that white households are nearly twice as likely as households of color to own their home which contributes directly to the widening racial wealth disparity.
James said that owning a home is an essential part of achieving the American dream and building wealth to pass on to future generations.
“Unfortunately, unequal access to affordable credit is still pervasive across our state, reinforcing the legacy of segregation, leading to a disparity in homeownership and fueling the racial wealth gap,” said James.
Beyond the challenges of homeownership rates, communities face greater barriers in mortgage applications. Blacks and Latino New Yorkers who apply are denied at higher rates than whites regardless of credit score, income and loan size.
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Line: Brooklyn Eagle
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