People of color have faced long-standing and systemic disadvantages in wealth accumulation, the industries that they are employed by, their ability to access capital, and opportunities to build generational wealth. A new report has identified several state policies that have created discrepancies and impaired the financial success of people of color in the United States since its inception.
The report focused on the effects of state laws and policies that pre-date statehood and have impacts on home-ownership, small business development, economics of the home, student loan debt, and access to employment. This includes laws that made it more difficult for people of color to build and maintain wealth with practices such as land ownership, inheritance, accumulating and preserving assets. Additionally, it identifies the displacement of families and the racialized restrictions to economic opportunity and social capital.
Key Points:
• People of color have faced systemic wealth disparities
• Report outlined policies from before the US’s admission to the Union that contributed to the wealth gap
• Policies include: land ownership, inheritance, asset accumulation and preservation, family displacement, and racialized restrictions to economic opportunity and social capital
• Report suggests solutions to bridge the wealth gap are necessary to ensure that people of color have the same opportunity to build generational wealth as other groups
You can read this full article at: https://www.housingwire.com/articles/seattle-area-residents-lost-tens-of-billions-in-wealth-due-to-racist-housing-policies-report/(subscription required)
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