Chapter one traces the transformation of the U.S.
In other words, this symbiotic relationship strengthened a revised, unequal housing market.ģ Taylor’s structural critique methodology serves the narrative of the function of racial oppression in postwar U.S. The rise and fall of property values became the measuring factor of exclusivity and hypersegregation for white homebuyers and affordability and access for Black homebuyers. However, deeply embedded discriminatory practices and racist ideology provided real estate the power to tie race to financial risk for lucrative profits. Funded through federal subsidies after President Lyndon Johnson faced mounting pressure from the urban rebellions, the first homeownership loan programs offered long amortization periods and mortgage insurance guarantees that appealed to both the African American working classes and the expanding real estate industry. She is engrossed in how the complex relationship between the Federal Housing Authority (FHA), the Department of Housing and Urban Development (HUD), and real estate interests constructed a new segregated housing market on the foundation of exploitative subprime loans targeted at the Black working classes. Taylor crafts a mostly structural analysis of the political economy of the federal housing market beginning in the aftermath of the 1967 urban rebellions and ending in the mid-1970s. In fact, this shift authored a public private partnership where the real estate capitalists and bankers took center stage in introducing new barriers to Black housing rights.Ģ Black Studies scholar Keeanga-Yamahtta Taylor examines this contradiction at the heart of the Black struggle for fair housing in Race for Profit: How Banks and the Real Estate Industry Undermined Black Homeownership.
Consequently, these Black urban rebellions, as a response to the Civil Rights Movement and a shift towards the Black Power Movement, pressured the federal government to gradually adopt more symbolically inclusive political, economic, and social policies towards the African American majority. Although state sponsored surveillance and violence and economic exploitation were the prime catalysts for the mass unrest, de jure and de facto barriers to housing, particularly redlining, also proved instrumental in African American disillusionment with the American political system. Credits: The University of North Carolina Pressġ Throughout the late 1960s, the African American working classes in cities across the United States erupted in mass rebellions as an escalation of their historically informed resistance to racial oppression.
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