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The challenge faced by the disadvantaged

The Challenge Faced By The Disadvantaged

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  • Posted On : 19-Nov-2019
The challenge faced by the disadvantaged It is no secret that the city of Boston has grown over the years. Coming from someone who has resided for more than 15 years, I have seen the evolution of the city and how much it has emerged and found profound experience in the areas of health, jobs among others. However, the city has seen to evolve so fast that it has forgotten about those who unfortunately aren't able to keep up with the city's fast-growing paste. I wanted to see if I could find someone who thought the same thing I am thinking so I came across an article that specifies how important this issue is and not to my surprise; it came as expected. Boston’s status as a cultural and economic magnet has made it a city particularly out of reach for the city’s poor. Lewis P. and Linda L. Geyser University Professor at Harvard says, “As these inner-city neighborhoods gentrify, their resources improve, including the creation of shopping centers, large grocery stores, parks, and upscale restaurants. Moreover, as these neighborhoods become more desirable places to live, the cost of housing, taxes, and rental properties increase, which results in the displacement of many low-income residents who can no longer afford to live there." Unless there are notable rent subsidies or tax abatements for low-income property owners, their chances of remaining in cities like Boston are rapidly decreasing. Because of my military career, I have been able to meet a lot of people from different cities and the experiences are similar in some; but not in others. I have friends who are from Jacksonville, NC who's rent is enough for me to do extra and or buy extra things for my delight. While friends from New York City...they say they cannot bear with the crazy inflation in rent; similar to Boston. Now, I've always heard that situation from New York; however, seeing it for myself in Boston is hard to see. I believe that the solution to this great inflation is to have the neighborhoods of Boston all come together and demand a change, only then will the city of Boston's housing will be accessible for everyone; even those in need.

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Why typical black family remain so much poorer than the typical white family?- Real estate economics

Why Typical Black Family Remain So Much Poorer Than The Typical White Family?- Real Estate Economics

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  • Posted On : 21-Oct-2019
Housing has long played a crucial role in American wealth accumulation: People buy homes with federally subsidized mortgages, build up equity and pass the assets on to their children. But as recently as the 1960s, government policy excluded blacks. In a practice known as redlining, the Federal Housing Administration designated predominantly black neighborhoods as no-go zones for government-insured mortgage loans. The FHA also wouldn’t guarantee loans for new mixed-race developments: The presence of even a single black family was enough to warrant rejection. Using data on sales and mortgage rates, the researchers calculated how much each family’s payments exceeded what they would have been if the property had been purchased at the prevailing market price with a conventional mortgage loan. The outcome: Black families were overcharged somewhere between $3.2 billion and $4 billion (in 2019 dollars). The investors involved don’t necessarily act with racist intent. They exploit blacks because that’s where the opportunity is. But the effect is the same: So if you ever find yourself in a predominantly black neighborhood, wondering why everyone seems so poor, know this: It’s largely because white people, possibly even you or your ancestors, stole from them and their ancestors. The more Americans recognize this deep, tragic flaw in the fabric of our society, the greater the chance that we can find a remedy. https://finance.yahoo.com/news/black-poverty-rooted-real-estate-140036276.html

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