Blame Series Bonus: How Federal Policy Created America’s Fergusons
…e, Levittown outside New York City. They were built, as I mentioned, in the 1940s and 1950s with federal government guaranteed loans and the stipulation that no homes be sold to African Americans. At the time, those suburban single family homes were sold to white families for about two and a half times national mediate income, or in today’s dollars, about $125,000. That’s a home price that was affordable with an FHA or VA mortgage to working class…
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