Episode
The Sunday Read: ‘How the Real Estate Boom Left Black Neighborhoods Behind’
Description
In Memphis, as in America, the benefits of homeownership have not accrued equally across race.Housing policy in the United States has leaned heavily on homeownership as a driver of household wealth since the middle of the last century, and, for many white Americans, property ownership has indeed yielded significant wealth. But Black families have largely been left behind, either unable to buy in the first place or hampered by risks that come with owning property.Homeownership’s limitations are especially apparent in Black neighborhoods. Owner-occupied homes in predominantly African American neighborhoods are worth, on average, half as much as those in neighborhoods with no Black residents, according to a 2018 Brookings Institution and Gallup report that examined metropolitan areas.For neighborhoods like Orange Mound in southeast Memphis, the solutions cannot come fast enough.This story was recorded by Audm. To hear more audio stories from publications like The New York Times, download Audm for iPhone or Android.
Chapters
The article explores Orange Mound, a historically black neighborhood in Memphis, and discusses its cultural significance amidst the stark contrast to the more affluent neighboring areas such as Midtown.
00:00 - 01:18 (01:18)
Summary
The article explores Orange Mound, a historically black neighborhood in Memphis, and discusses its cultural significance amidst the stark contrast to the more affluent neighboring areas such as Midtown.
EpisodeThe Sunday Read: ‘How the Real Estate Boom Left Black Neighborhoods Behind’
PodcastThe Daily
The racial wealth gap is driven by systemic disadvantages for people of color, including the devaluation of properties in predominantly African-American neighborhoods, according to a study by the Brookings Institution.
01:18 - 08:34 (07:15)
Summary
The racial wealth gap is driven by systemic disadvantages for people of color, including the devaluation of properties in predominantly African-American neighborhoods, according to a study by the Brookings Institution. Despite similar criteria, homes in these neighborhoods can be worth half as much as homes in neighborhoods with no black residents.
EpisodeThe Sunday Read: ‘How the Real Estate Boom Left Black Neighborhoods Behind’
PodcastThe Daily
The Federal Housing Administration, created to help the middle class afford homes, was so committed to segregation that it withheld mortgage insurance from black and white homebuyers who wished to live in an integrated neighborhood.
08:34 - 18:39 (10:04)
Summary
The Federal Housing Administration, created to help the middle class afford homes, was so committed to segregation that it withheld mortgage insurance from black and white homebuyers who wished to live in an integrated neighborhood. Additionally, in 1866, white police officers and Memphians attacked a black neighborhood, burning churches, schools, raping women, and killing at least 46 people.
EpisodeThe Sunday Read: ‘How the Real Estate Boom Left Black Neighborhoods Behind’
PodcastThe Daily
This article explores the ways in which government-led urban renewal projects have disproportionately affected black communities and aided in perpetuated racial segregation in cities across America.
18:39 - 27:57 (09:18)
Summary
This article explores the ways in which government-led urban renewal projects have disproportionately affected black communities and aided in perpetuated racial segregation in cities across America.
EpisodeThe Sunday Read: ‘How the Real Estate Boom Left Black Neighborhoods Behind’
PodcastThe Daily
Homeownership not only fails to deliver wealth but can bind people in declining neighborhoods.
27:57 - 37:00 (09:02)
Summary
Homeownership not only fails to deliver wealth but can bind people in declining neighborhoods. For Orange Mound, while the median home price is $30,000, home ownership remains out of reach for many of the neighborhood's working poor due to the neglect and punishment of black city neighborhoods.
EpisodeThe Sunday Read: ‘How the Real Estate Boom Left Black Neighborhoods Behind’
PodcastThe Daily
Equitable redevelopment, which aims to bring economic gains and rising home values without displacing existing residents, requires investing in both buildings and people.
37:00 - 43:53 (06:52)
Summary
Equitable redevelopment, which aims to bring economic gains and rising home values without displacing existing residents, requires investing in both buildings and people. Traditional redevelopment policies are not enough as they do not address historical and present day biases that prevent black people and their communities from thriving.