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Black Home Ownership - If You Don鈥檛 Know, Now You Know | The Daily Social Distancing Show - YouTube
Channel: The Daily Show with Trevor Noah
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everyone knows the damage the
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coronavirus can do
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to your body it can destroy your lungs
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it can injure your kidneys
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hell it can even take down your
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presidency but it turns out the pandemic
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isn't just harming our bodies
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it's also harming our homes are we
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headed for another mortgage crisis
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the slow motion disaster in america's
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neighborhoods
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with more than 21 million americans out
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of work
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more and more homeowners are struggling
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to pay their mortgage we've seen a big
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spike in the number of delinquent
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homeowners
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since the pandemic began right now 6.6
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of all mortgages are in some stage of
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delinquency
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that's 3.3 million american homes nearly
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doubling in just nine months
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if we don't put money in people's
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pockets if we don't extend a moratorium
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on evictions and and
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mortgage foreclosures we're going to be
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seeing millions of people who are
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homeless in the middle of winter when
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disease is rampant
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we're going to see people who are being
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forced to go to work even if they're
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sick because they need to put food on
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the table and pay rent
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and that is unconscionable wow guys
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3.3 million american homes
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is an insane number that's like if
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everybody in jamaica was suddenly
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homeless
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i mean they'd probably be chilled about
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it because they have so much great weed
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and great weather but still it would be
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very inconvenient
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it's truly amazing that the american
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government the most powerful nation in
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the world has
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failed its people so badly i mean it
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almost feels like they
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tried to one-up the damage corona was
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doing i'm going to cause a massive
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public health crisis
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well then we're going to cause a massive
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economic and
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housing crisis damn you guys are cold
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but while the pandemic is causing
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millions to face a mortgage crisis for
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the first
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time housing instability is nothing new
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for black people
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in fact it's something african americans
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have been dealing with long before
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the coronavirus so let's find out why in
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another installment of
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if you don't know now you know
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[Music]
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it's no secret that white people have
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had an easier time
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getting ahead in america but one of the
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most important reasons for this
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might surprise you for millions owning a
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home remains at the heart of the
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american dream
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but many black americans have been left
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out a new report says
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just 44 percent of black families own a
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home compared to 74
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for whites owning a home is the way that
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most people develop wealth
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it is the way that for years and years
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and years people have been able to pass
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something on to their
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to their children or pay for their
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education it's part of the reason the
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average white family has about 10 times
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the median wealth of a black family
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the gap between white and black
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homeowners is greater now than it was
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since
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before the fair housing act of 1968 when
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segregation was legal that's right the
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home ownership gap
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is worse for black people now than it
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was in segregation
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which is insane i never thought a black
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guy could be able to say
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ah jim crow those were the good old days
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but it makes sense when you realize how
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owning real estate helps you build
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wealth
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and that wealth becomes generational
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because home ownership is one of the
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surest ways for families to pass
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down wealth not beanie babies grandma
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but they're still very cute save them
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for me but also like think about a
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portfolio
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so black americans have had less wealth
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than white americans for decades
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and large part of that was because they
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couldn't build wealth by owning a home
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but why why couldn't they own homes at
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the same rates as white americans
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well like most things dealing with
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racial inequality it starts
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with the governments during the new deal
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the homeowner's loan corporation
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refinanced more than a million
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loans nearly one out of every five
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mortgages in urban america
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now the main problem with the homeowners
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loan corporation was redlining
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all of that wonderful government finance
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was only available to white people
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the homeowner's loan corporation
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essentially deemed black people
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too risky to loan the holc created
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residential security maps where the term
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redlining comes from
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green meant best area best people aka
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businessmen
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blue meant good people like white collar
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families
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yellow meant a declining area with
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working-class families
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and red meant detrimental influences
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most significantly
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negroes saying that neighborhoods were
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hazardous to london because they were
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quote unquote
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infiltrated by negroes or threatened
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with negro encroachment
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man what a terrible era when the phrase
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infiltrated by negroes could be a term
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used by the federal government
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when it should only be used for a
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dope-ass migos album
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i mean seriously do you know how [聽__聽]
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up it is to describe those neighborhoods
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as
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infiltrated by negroes that's where
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black people
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lived but they made it sound like black
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people were breaking and entering into
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their own houses
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oh [聽__聽] i'm in oh it's my house what am
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i doing i live here
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although i won't lie a part of me
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actually misses how upfront racism was
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back in the days
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you didn't have to read between the
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lines you know because if you're black
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now
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and you're trying to get a loan they'll
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be like well we we take a variety of
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factors into account in the loan
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approval process
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back then if a black person walked into
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a bank the manager was just like look
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alive fellas
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we got a negro encroaching white woman
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in the vault come on yo
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now by the late 1960s courts ruled that
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redlining was
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illegal but there are more subtle ways
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that black people are still kept from
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purchasing houses
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for example real estate agents who are
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just
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really trying to keep neighborhoods just
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white
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newsday with an undercover project to
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see whether real estate agents treated
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prospective tenants who are black
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any differently than prospective tenants
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who are white
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and they did a lot the risks to
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african americans in particular of
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suffering potential
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discrimination was about 50 50.
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i've had agents invoke
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burning crosses to dissuade me
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from buying a home in certain areas this
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newsday footage shows an agent handling
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one tester who is black
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and wants to see a house without a
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pre-qualification letter
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i won't do it you can try another person
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but i don't have the time to do that but
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for the white buyer
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also with no letter what is your
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availability she shows that buyer
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too in other cases newsday records
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agents who appear to be steering
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minorities towards mixed communities
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every time i get a new listing in
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brentwood our new client i get so
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excited because there's
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nice people but with a white buyer the
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same agent texting him
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about recent gang killings there
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those real estate agents got caught i
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would love to hear their feeble excuses
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afterwards no no no when i
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told one buyer the neighbors were nice
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people and the
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other one were gang killers i meant they
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were nice gang killers just jobs
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and by the way invoking burning crosses
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to try and stop a black person from
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moving into a neighborhood is not only
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racist
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it's overkill if you want to stop a
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black person from moving into a home
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all you got to do is tell them that
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their next-door neighbor adds raisins to
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their potato salad they're out and the
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truth is that even though redlining was
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outlawed as a matter of official policy
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it sure looks like the banks are still
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doing it anyway
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lenders deny mortgages for black
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applications at a rate 80 percent higher
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than that of white applicants
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when we do get loans or much higher
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interest rates or much worse conditions
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if you're african-american making more
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than a hundred thousand dollars you were
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more likely to be put into a subprime
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loan
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than if you were a white person making
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less than thirty five thousand dollars
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consequently black and brown families
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were disproportionately impacted by the
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2007-2010
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housing crisis being nearly twice as
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likely as white families to lose their
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homes
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after controlling for education crime
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walkability homes in black neighborhoods
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are devalued by 23 percent
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and accumulatively that's about 156
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billion in lost equity
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one couple in florida actually saw their
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appraisal increase
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by 40 percent after they removed any
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evidence that a black woman lived there
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i took down
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um the family pictures that we had in
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the home
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and you know basically any markers that
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there were
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african-americans living in the house
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replacing them only with photos of her
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husband and his white family when the
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second appraisal comes back
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the value of their house shot up more
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than one hundred
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thousand dollars think about that her
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home appraisal
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went up a hundred thousand dollars
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a hundred thousand dollars getting rid
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of her family photos did more for her
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home value
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than putting in a swimming pool and
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again can we all agree that this is
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racist
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yeah because just having pictures of
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black family members shouldn't drive
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down the valley of a house just because
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you're pictures of black people
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i mean unless that black person is r
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kelly and then it's like i don't care
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that the basement is spacious i know
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what was happening in there
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so when it comes to racial
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discrimination and housing
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america has come a long way and there's
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still a long way to go
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but until the government gets serious
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about racial discrimination and mortgage
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lending and home selling
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well leo deblin has got you covered
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are you trying to sell your home but
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can't get a good price
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because you black you're trying to get a
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new house
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but these real estate agents are keeping
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you in the pool house
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well pack that moving van because leo's
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got a plan
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introducing leo dublin's home
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rightification
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i'll make your house look so white
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they'll think wes anderson live in this
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[聽__聽]
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i'll throw out all your family photos
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and replace them with watercolors of
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boats
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i'll even throw in a diploma from
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dartmouth
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art history you know that's white your
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library is going to get ridified too
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with david sedaris the life of power and
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of course
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how to be anti-racist by ibram ex-kinder
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oh that's white hot
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and nothing says white like adding
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exposed brick
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man that's rustic as hell i'll even
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whitify your garage
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swap out that 2005 honda civic for a
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kayak
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a pair of skis and a volleyball net that
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only got used once
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looking like a l.l bean catalog in this
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[聽__聽] and if you order now
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i'll wi-fi your music collection goodbye
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megan the stallion
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hello barbara the streisand leo devlin
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home ratification
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it ain't with 85 you can get that from
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your mama
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[Music]
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exit 120 by the fairgrounds next to foot
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[Music]
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locker
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[Music]
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you
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