Discrimination Hobbles Present Ownership Opportunities
| A lot of baby boomers are now in their 50s and in mid-life many are enjoying new-found and improved finances: The generation before is dying off, in many instances leaving behind substantial wealth, assets and ongoing income. But such munificence does not touch all households. It presumes that in an earlier time all could acquire a home with some ease, that loans were equally available on the basis of credit alone, and that we could each work for the education we wanted and in the profession we preferred and thus have equal access to income. |
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It wasn’t long ago that segregation was the law in many states and “gentlemen’s agreements” elsewhere prevented integrated housing. Quotas were used to keep African-Americans, Jews, Catholics, Asians and women out of colleges, banks, stock brokerages and various businesses — thus limiting incomes and opportunities. Deeds were written with specific prohibitions against possession by or resale to blacks, Jews, and Assyrians. Neighborhoods were “redlined” to reduce or eliminate mortgage options (and thus ownership opportunities) for minorities. Country clubs were notoriously restricted regardless of financial success. It wasn’t until 1960 that we had our first Catholic president, John Kennedy.
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