How Racial Discrimination Played A Great Portion In The Lucrative Real Estate Blockbusting Method
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by: AaronCibo
Numero Total de Visualizações: 70
Número de Palavras: 405
It's desirable to assume in present culture that discrimination based on race is long gone. Mostly, it is, at least when it comes to real estate transactions. Situations were once different, though. Many varieties of racial, ethnic and religious minorities were being discriminated against in the housing industry once. White homeowners were getting duped in the deal too, due to unjustified prejudices on their part. Blockbusting was once fundamentally a business technique used by real estate agents and building developers. Inducing white homeowners to sell their properties lower than market value was basically blockbusting's absolute goal. This was done through fraudulently hinting that that minorities, such as African Americans, Latinos, Jews and other traditionally discriminated against groups, were intending to transfer to a neighborhood that was previously reserved only for whites. White house owners dreaded that their property worth would take a drastic hit if these racial, ethnic and religious minorities moved into their once racially-segregated neighborhoods. Consequently, real estate brokers, business developers and others active in the fraudulent process stood to generate a substantially higher profit than they would if the house had been sold for its actual value. The houses could be purchased a fair amount less than market value for investors or building developers. Real Estate Agents would then receive a bigger commission for their part in fraudulently inducing white homeowners to sell their land at such a low price. Blockbusting as a business technique was made possible after World War II. Both then legally acceptable real estate practices and the dismantling of former legally-protected racially segregated United States neighborhoods were the reason for this. White homeowners' misguided fears about the decline of value in their homes could then be no longer easily preyed upon by real estate agents and building developers after racially-segregated neighborhoods were disassembled. Today, the method of Blockbusting is extremely rare and prosecuted under the full extent of the law. The 1980s saw the disappearance of blockbusting as a practice due to modifications in laws. Individual states increased safeguards against discriminatory housing and real estate deal practices of their own accord, and the Fair Housing Act was implemented into federal law. It is interesting to note that some states have more inclusive and protective laws for minority groups than even federal protections brag. Information on state-specific housing laws can typically be found on a state's own governmental website.
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