A recent study by Moody's, an international rating agency, estimated that over the past 20 years, the racial wealth gap in the United States and access gaps in education, housing and investment havecost the country $16 trillion in economic damage.
The report also calculates that if the racial geographic makeup of all U.S. communities aligns with the nation’s “most integrated communities,” then U.S. economic growth could increase by 0.3 percentage points over the next decade. The report concludes that deep-rooted racial prejudice and substantive segregation are limiting the potential of American society. In the words of the report's lead author, Moody's Chief Economist Mark Zandi, "racism is taking its toll on all Americans.""Homeownership" is just the "American Dream" of white people?
This comes after a study released by the University of California Berkeley's "Others and Belonging" Institute also showed that over the past 30 years, racial segregation in some metropolitan areas in the United States has increased,leading to African-American and Latino The living conditions of ethnic communities are deteriorating.
The study found that while the U.S. government has created "fair" housing laws and policies to promote integration, 2019 data showed that 81 percent of areas with more than 200,000 residents were more "community segregated" than they were in 1990. It is more serious in years, especially in big cities such as New York, Philadelphia, Chicago, and Detroit. Minority residents in these communities have lower incomes, higher unemployment and lower levels of education. "Community segregation" reflects, first and foremost, housing inequality. Systemic, institutional racism persists at every level, including U.S. real estate and federal housing policy, and racial disparities in home ownership are even greater than during segregation in U.S. history, according to the newly released State of Black American Housing report.
The report shows that in the first quarter of this year, the home ownership rate of white households in the United States was 73.8%, and the home ownership rate of black households was only 45.1%, a gap of nearly 29 percentage points; in 1960, the two ratios were 65% and 38%, a gap of 27 percentage points.
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