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When I was buying my house, it blew my mind when my lender asked if my family couldn’t just gift me the down payment money, saying that gifts/loans of $50k to $100k weren’t uncommon from families of first-time homebuyers. That’s the 400-year head start we don’t have.
I said what I said. And it’s true. Your reality may be different but don’t be willfully ignorant at the fact that Black people 9.9 times out of 10 don’t have the luxury to call a family member for ANY SIZE GIFT to purchase a home because of the racial wealth gap.
And for anyone spewing about financial literacy, pulling ourselves up by our boot straps, it doesn’t matter WHAT we do, we could be Black Warren Buffetts, we’ll never be able to achieve that level of wealth in a system designed to keep us pinned down and prop up white supremacy.
If you actually give two shits or have any fucks to give about making a difference and care about Black Lives other than when accompanied by violent death, you will hear and feel the truth in that statement. Anything else is just apologism and whataboutism for white privilege.
“There are no actions that black Americans can take unilaterally that will have much of an effect on reducing the racial wealth gap. For the gap to be closed, America must undergo a vast social transformation produced by the adoption of bold national policies, policies that...”
“... will forge a way forward by addressing, finally, the long-standing consequences of slavery, the Jim Crow years that followed, and ongoing racism and discrimination that exist in our society today.”
“Addressing racial wealth inequality will require a major redistributive effort or another major public policy intervention to build black American wealth.”
Read this @DukeU paper on the racial wealth inequalities in America. Read ALL of it. https://socialequity.duke.edu/wp-content/uploads/2019/10/what-we-get-wrong.pdf
Read this @DukeU paper on the racial wealth inequalities in America. Read ALL of it. https://socialequity.duke.edu/wp-content/uploads/2019/10/what-we-get-wrong.pdf
And then ask yourself if you’re willing to do what it takes to restructure this system. Knowing that doing so will certainly mean that the privileges you and your family enjoy will no longer be exclusive to you but accessible to all, for all and by all. Truly. Have a great day!
Article for @MONEY Magazine by @SamSharf about first time Black homebuyers. #CloseTheGap https://money.com/black-first-time-homebuyers/
